Interactive Investor has closed the acquisition of TD Direct Investing (TDDI), the European direct investing arm of TD Bank Group, after securing regulatory nod.
Under the arrangement, Interactive purchased shares of TD Wealth Holdings and TD Bank International (Luxembourg).
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The deal, announced in October 2016, leads to the creation of the second largest investment platform in the UK with £21bn in assets and over 300,000 customers.
The combined group with will migrate to a single platform later in 2017, following which Interactive plans to make further investment in market research and analysis tools for customers.
The board of the combined entity will include Hugo Van Vredenburch as chairman, Richard Wilson as CEO and Barry Bicknell as CFO.
“We know that investors want great information and fair pricing to be able to make informed decisions, and our enlarged business will offer just that. The integration of our combined capabilities will create a significant and exciting market leader, serving our customers’ needs across platform, price and proposition,” Wilson said.
