Leading Offshore law firm, Mourant Ozannes, has advised Standard Life Wealth on its decision to buy Newton Management’s private client division in a deal worth up to £83.5m.
Standard Life Wealth (SLW), a subsidiary of Standard Life PLC and one of the UK’s fastest growing discretionary fund management businesses, entered into an agreement with Newton Management Limited, a global investment management subsidiary of The Bank of New York Mellon Corporation, to acquire its private client division with assets under management of £3.6bn.
The deal is expected to more than triple SLW’s discretionary assets, creating a private wealth manager in the UK with increased profitability, significant scale and market presence. SLW will acquire a high quality book of business, as well as a skilled and dedicated client-facing workforce, without any legacy operations or systems.
The transaction is expected to complete in the third quarter of this year, subject to approval by regulators and deal conditions being satisfied.
Partner Ben Robins, Mourant Ozannes, said: “Once Standard Life won the highly competitive tender to acquire the business, the transaction moved rapidly to exchange. The transaction required detailed Jersey fund advice and cross-Island regulatory advice. We were delighted to be able help SLW with such an important transaction.”
Mourant Ozannes assisted lead UK counsel Dundas & Wilson by providing corporate advice on due diligence and transactional matters, and provided regulatory advice on funds and investment business matters. The Mourant Ozannes team included partner Ben Robins, Managing Associate Matthew Shaxson and Senior Associates Jon Woolrich, Victoria Cabot, and Sarah Huelin.
Category: Finance & Business