brdn is poised to secure a £1.5 billion takeover of interactive investor, a deal that will gives the giant fund manager better access to the small stock picking market.
Confirmation of the takeover is likely at some point today.
The deal is a further sign of how intense competition is to lure small investors, those either playing the market for the first time, or looking to manage already established portfolios.
Interactive, founded in 1995, had been plotting its own stock market listing but instead will seek shelter inside Abdrn, which overseas assets of about £530 billion.
It is thought that the CEO Richard Wilson will remain in charge, reporting into Abdrn boss Stephen Bird.
READ MOREDeliveroo founder Will Shu sells £47m of stock to settle tax billAJ Bell rides investor wave as new clients get into sharesFTSE 100 Live: OPEC considers Omicron response as markets see-sawBRANDPOST | PAID CONTENTIs it time to rethink how we give to charity?Interactive has 400,000 clients, putting it behind only Hargreaves Lansdown and slightly ahead of the fast-growing AJ Bell.
Abrdn, formerly Standard Life Aberdeen, has roots back to 1825. It has faced some criticism for its new name.
