British asset manager abrdn is set to buy subscription-based investment platform interactive investor for £1.49bn in cash.

The company said the deal would significantly enhance its presence and growth opportunities within the UK’s rapidly evolving direct investing market.

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interactive investor oversees £55bn in assets on behalf of its over 400,000 customers.

Abrdn expects to bolster its Personal vector with the addition of the platform.

Abrdn CEO Stephen Bird said: “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.

“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. I am delighted that Richard Wilson and his team will continue to lead interactive investor.”

Under the terms of the agreement, interactive investor will continue to operate as a standalone business within abrdn’s Personal vector.

interactive investor CEO Richard Wilson, who will continue to lead the firm, will join abrdn.

Commenting on the deal, Wilson said: “This is an exciting new chapter in our history and means that we can focus exclusively on serving those who matter most: our customers.

“We will have access to abrdn’s additional capabilities across research, advice and wealth management services, and we will benefit from being part of one of Europe’s largest investment and wealth management firms, with a vision and values closely aligned to our own.”

As number retail investors continues to increase rapidly, traditional asset managers are looking to expand their capabilities to tap cater to their requirements.

Earlier this year, JP Morgan took over roboadviser Nutmeg in a bid to expand its presence in the retail banking and investment segment in the UK.