Virgin Money and Aberdeen provide £12.5m each for JV
Virgin Money and Aberdeen Asset Management have agreed to provide up to £12.5m each of extra funding for their asset management joint venture.
The bank said it would provide the funds over the next 12 months "to support the strategic and customer proposition development of Virgin Money Unit Trust Managers (VMUTM). Aberdeen, part of Standard Life Aberdeen, will do the same, Virgin Money said.
The companies formed the joint venture in March 2018 to sell Virgin Money customers asset management services. Aberdeen paid more than £40m for a 50% stake in VMUTM. The deal was struck before Virgin Money was sold to CYBG later in 2018.
"There is no immediate income statement or capital impact for Virgin Money in relation to this action," Virgin Money said on Friday.