FTSE-100 asset manager abrdn has confirmed that it is in talks to buy UK stockpicking platform Interactive Investor.
The asset manager is understood to be working on a £1.5 billion takeover that will hand it control of the DIY stock trading platform.
II, which was preparing for a stock market flotation, has more than 400,000 personal investing clients, positioning it behind only Hargreaves Lansdown by customer numbers in the UK market.
Abrdn’s statement confirming the negotations was brief and to the point: “The Company notes recent media speculation and confirms that it is currently in discussions with J.C. Flowers & Co regarding a potential acquisition of Interactive Investor.
There can be no certainty that these discussions will result in a transaction and a further announcement by the Company will be made as and when appropriate.”
The acquisition will be abrdn’s third in the past three months, following the buyout last month of subscription based investment platform, Finimize, and the takeover in August of the b2c digital wealth management arm of Nucoro, Exo investing.