Standard Life Aberdeen announces joint venture with Virgin Money

Lan Tu

ASI said the joint venture will give it the opportunity to offer investment solutions to Virgin Money’s parent company Clydesdale Yorkshire Banking Group’s combined customer base of six million customers.

Edinburgh-based ASI said Lan Tu has been appointed as CEO of the new venture.

She was formerly chief strategy officer at Standard Life Aberdeen.

She will be supported by a team from Aberdeen Standard Investments and from Virgin Money.

The completion of the tie-up follows some important progress made this year such as the announcement in March that Aberdeen Standard Investments had been appointed as investment adviser for £3.6 billion of assets across a range of portfolios, on behalf of Virgin Money Unit Trust Managers Limited and its underlying clients.

Keith Skeoch, chief executive of Standard Life Aberdeen, said: “The partnership will combine a unique mix of Virgin Money’s brand, scale and retail distribution expertise with our market-leading investment solutions, asset management technology and digital expertise to create a market-leading customer proposition. This is an important step for us as part of our retail strategy, expanding our growth opportunities in this sector.”