Newton Management, together with Newton Investment Management, is to sell its private client business to Standard Life Wealth, following a strategic and operational review of the business.
The agreement covers 7% of Newton’s £3.6 billion (€4.5 billion) assets under management, and about 3,000 private clients.
Newton is a UK-based asset manager owned by BNY Mellon.
Newton’s business is focused on managing £28.9 billion of institutional assets, £15.7 billion of assets for pooled investment funds and £4.3 billion of charity assets.
Expected to be completed in the third quarter of this year, the deal is subject to regulatory approval.
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