Fidelity International has bought Legal & General Investment Management’s (LGIM) UK personal investing business, bringing 300,000 customers and £5.8bn of assets under management onto it’s Personal Investing platform.
The acquisition will double the number of customers for Fidelity’s Personal Investing business. Fidelity Personal Investing has 280,000 customers with £20.3bn assets under management. The transaction is expected to complete in the next 12 months.
On transfer, customers will pay the same or less than they do today and as part of Fidelity Personal Investing. They will have access to the full capability of its investment and pension platform, including its range of over 3,000 funds, shares, investment trusts and exchange-traded funds which can be held in an Isa, Sipp or investment account.
Fidelity International global head of personal investing Stuart Welch says: “This is an exciting acquisition for us. It follows our recent purchase of Cavendish Online Investments Limited and reflects our ambition and commitment to the UK direct investor market.
“Our platform is designed to help investors achieve their long-term financial goals and we provide guidance and support at every life stage. Our Wealth and retirement planning services, guidance service and tools will help those who want to make the most of their retirement savings and investments. We look forward to welcoming LGIM’s customers and helping them meet their financial goals.”
LGIM CEO Michelle Scrimgeour says: “This transaction is a positive step for LGIM and particularly for our direct to consumer business. It optimises the strategic fit between two highly-regarded organisations and in particular supports customers, who now gain Fidelity International’s scale and operational capacity in these specific products while continuing to benefit from the LGIM investment expertise which underpinned their original product purchase.”
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