Standard Life Aberdeen have completed setting up the joint venture between Aberdeen Standard Investments and Virgin Money.
Lan Tu has been appointed as CEO. She was formerly Chief Strategy Officer at Standard Life Aberdeen. Lan will be supported by a team from Aberdeen Standard Investments and from Virgin Money.
Virgin Money is now part of the Clydesdale Yorkshire Banking Group (CYBG). Over time, the joint venture will give Standard Life Aberdeen the opportunity to offer investment solutions to CYBG’s combined customer base of six million customers.
The completion follows some important progress made this year.
In January Standard Life Aberdeen confirmed that they had signed a conditional agreement to move forward in developing the joint venture.
In March, they also confirmed that Aberdeen Standard Investments had been appointed as investment adviser for £3.6bn 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.”