Virgin Money & Abrdn platform to launch next summer

Virgin Money & Abrdn platform to launch next summer

Virgin Money has said it intends to “accelerate the growth” of its investment proposition, which includes its joint platform venture with Abrdn.

In a trading update published last week (November 4), the lender said it will launch its digital investment platform with the asset management firm by August 2022 - marking the first time the bank has nodded to a launch date for the project.

“The group will look to accelerate the growth of our investment proposition as part of our joint venture with Abrdn,” it said.

The bank is yet to clarify whether the platform will serve consumers directly, or involve advisers, or both.

Officially set up in August 2019, Abrdn - previously Standard Life Aberdeen - said at the time that the joint venture would see it offer investment solutions to Virgin Money’s (then Clydesdale Bank’s) 6m customers. This number has since grown to 6.5m.

In March 2019, Abrdn was also appointed investment adviser for £3.6bn of assets across a range of portfolios on behalf of Virgin Money’s unit trust arm.

Alongside this investment platform, the bank is also gearing up to launch a full-scale digital bank by 2024 - including straight through mortgage processing, and a digital wallet.

It also mentioned pension platform enrichment in its presentation set to land sometime before 2024, but no further details were disclosed.