Standard Chartered to sell platform to Threadneedle

World Express, the Luxembourg-based manufacturing and distribution platform, was acquired by Standard Chartered last year when it bought American Express Bank.

Crispin Henderson, chief executive at Threadneedle, said the acquisition of World Express – which has assets on the balance sheet of approximately £2.2m – would enhance its distribution capabilities.

He said: “Threadneedle is dedicated to providing the right investment solutions for all clients, and this [deal] only goes to reinforce our proven asset management capabilities."

Threadneedle announced it had also struck a deal to offer its products through Standard Chartered’s global network of private and consumer banks.

The acquisition of World Express – which includes 35 funds and has assets under management worth roughly £1.9bn – is expected to take three months to be completed.

A spokeswoman for Threadneedle said it was undertaking a “full and thorough review of options” for World Express to position it for further growth.

She added: “It is important this review be carefully undertaken and any decisions taken be made in conjunction with key distributors, sub-advisers, staff and clients. Our priority is to ensure a smooth transition of the Sicav range and associated business to Threadneedle.”

Standard Chartered acquired American Express Bank from American Express in February last year for roughly £572m.