Threadneedle acquires platform from Standard Chartered

The Luxembourg-based manufacturing and distribution platform World Express 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 approximately £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-advisors, 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 2008 for roughly £572m.