Virgin Money buys Abrdn’s stake in joint investment business

Virgin Money has agreed to buy Abrdn’s stake in its investment platform for £20 million, less than a year after it was launched to customers.

The high street bank and the investment group decided in 2019 to work together on Virgin Money Investments, expanding the lender’s offering beyond traditional retail products, such as savings and loans.

A new digital platform, including a mobile app, allowing people to choose a range of investments was launched in April last year. A pension product was added later, under which people could start saving from £25 a month or move existing pensions on to the platform.

At the end of last year Virgin Money Investments was managing assets worth about £3.7 billion and boasted more than 150,000 customer accounts.