Standard Life Aberdeen’s (LON:SLA) 1825 division has started the year with a new acquisition, the unit has said. The group has inked a deal to buy Cumberland Place Financial Management, expanding its presence in London.
Standard Life Aberdeen’s share price slipped into the red in the previous session, shedding 0.68 percent to close at 422.50p, underperforming the benchmark FTSE 100 index which closed 0.30 percent higher at 7,671.11 points. The group’s shares have added more than 11 percent to their value over the past year, as compared with an over six-percent rise in the Footsie.
1825’s latest acquisition
Standard Life Aberdeen’s 1825 announced in a statement yesterday that it had entered into an agreement to acquire Cumberland Place Financial Management with assets under advice of about £400 million. The company explained that the deal would strengthen its London presence with the addition of 21 employees including six financial planners, three paraplanners and three investment analysts.
Standard Life Aberdeen launched its financial planning business 1825, named after the year the Edinburgh-based insurer was founded, back in 2015. The unit has been on acquisition spree, and in October last year snapped up Bristol-based Fraser Heath Financial Management noting that the deal would enable it to establish a South West regional office with 23 employees.
Analysts on Standard Life Aberdeen
The 16 analysts offering 12-month price targets for Standard Life Aberdeen for the Financial Times have a median target of 477.00p on the shares, with a high estimate of 520.00p and a low estimate of 376.00p. As of December 30, 2017, the consensus forecast amongst 19 polled investment analysts covering the blue-chip group has it that the company will outperform the market.
Standard Life Aberdeen is scheduled to update investors on its full-year performance on February 23.