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Abrdn plc, a Scotland-based global investment company, announced on Tuesday that it has completed the acquisition of the online investment platform, Interactive Investor.
Abrdn, one of the largest asset management giants in Europe, finalized its purchase of Interactive Investor in a deal worth £1.49 billion.
The terms of the deal dictated that the Scottish investment giant entirely buy the UK’s second-largest investment platform, with approximately £59 billion in assets and over 400,000 customers.
According to the deal, Interactive Investor will continue operating as an independent business and independent brand.
Richard Wilson, the CEO of Interactive Brokers, will continue leading the online investment platform and will retain an executive committee management team with a newly appointed board.
Wilson talked about the development and said: “Today we join a company with a deep financial services history and a shared vision for the future. The opportunities that come with joining the Abrdn family are significant. We will be working with Abrdn’s talented team to harness their advice, wealth management and research capabilities for the benefit of our customers.”
Stephen Bird, Abrdn CEO, also stated: “The acquisition of interactive investor is a transformative deal for Abrdn’s personal vector and marks an important step forward in delivering our strategy for client-led growth.”
Interactive Investor is an online broker that enables customers to easily trade shares, mutual funds, money market funds, bonds, stocks, exchange-Traded Fund (ETFs), self-invested personal pensions (SIPPs), individual savings accounts (ISAs), and many more.
Interactive Brokers also allow customers to trade four cryptocurrencies, including Bitcoin and Ethereum, for one of the lowest commissions in the market. The platform lets users trade Bitcoin and Ethereum futures rather than owning cryptocurrencies directly. It currently only allows customers to trade crypto ETNs like XBT Provider Bitcoin Tracker EUR ETN and XBT Provider Bitcoin Tracker One ETN.
Abrdn’s long-term goal is to move Interactive Brokers more fully into its own platform to bring the online brokerage firm brand overseas.
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