BNY Mellon Sells UK Client Biz In $127M Standard Life Deal

Law360, New York (February 27, 2013, 2:45 PM EST) -- A unit of Bank of New York Mellon Corp. has agreed to sell its £3.6 billion ($5.5 billion) British private client business to the investment management subsidiary of U.K.-based Standard Life PLC for up to £83.5 million, both companies announced Wednesday.

Under the terms of the deal, Newton Management Ltd. will unload its entire private client operations in the U.K. to Standard Life Wealth, more than tripling the Standard Life subsidiary's existing assets under management. The acquisition, which is expected to close in September, includes more...
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