Fintel snaps up Threesixty from Abrdn in £14.6m deal
Threesixty will remain an independent business, maintaining its own offerings and pricing in the market.
Threesixty will remain an independent business, maintaining its own offerings and pricing in the market.
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Jason Windsor, who joined Abrdn last year as group CFO, is to step in as interim group CEO.
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The pair expect to close the all-cash transaction in April.
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The cuts are expected to impact group functions and support services across its middle management.
A deal could be made in the next few months with the unit valued at around £250m, Sky News reports.
“Last year, we decided to reshape the business to be in line with our new strategic imperative,” says CEO.
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Through Archax, abrdn aims to provide new investment opportunities to its customers.
Abrdn had previously confirmed it was in talks to acquire the company in November.
Abrdn confirmed talks are taking place, but made clear nothing is finalised as yet.
Edinburgh-based investment firm plans to offer a 24/7 digital wealth management app.