Abrdn, the FTSE 100 asset manager, has agreed a takeover of online investment platform interactive investor (II) worth almost £1.5bn.

The news was announced less than 24 hours after Sky News revealed that a deal was close to being finalised.

Abrdn said II’s chief executive Richard Wilson would join abrdn and continue to lead the platform as the asset management sector looks to capture a new breed of investors who tend to be younger and invest directly through platforms.

The deal gives abrdn access to 400,000 personal investing clients and ends II’s one-time ambition, ahead of the sale talks, for a London listing of its own.

II has around £55bn in assets under management.

Abrdn chief executive, Stephen Bird, said of the proposed deal: “This is a unique opportunity and a transformative step in delivering our growth strategy.

“Interactive investor is the UK’s number one subscription-based investing platform with a powerful reputation as a consumer champion.

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“Abrdn’s scale, resources, and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK’s attractive savings and wealth market.”

Mr Wilson added: “Our management will remain the same, and the same extraordinary team will continually develop our service and technology, while maintaining our subscription pricing, our whole of market choice and the same campaigning spirit and editorial independence.”

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