London-based Fidelity International — which was spun off from Fidelity Investments in 1980 — has bought the personal investing business of Legal & General, a U.K.-based financial services company, which should add some 300,000 customers to its client base.
The business has assets worth 5.8 billion British pounds, equivalent to $7.57 billion. The assets will remain invested in LGIM (Legal & General Investment Management) funds, according to a Legal & General press release.
The deal is expected to be wrapped up in 12 months. Its purchase price and other details were not disclosed by either Legal & General or Fidelity International on Friday, when it was announced.
Stuart Welch, global head of personal investing and advisory at Fidelity International, was quoted in The Guardian, as saying the purchase “is an exciting acquisition for us” and follows the company’s recent purchase of Cavendish Online Investments earlier this month.
That earlier acquisition added 30,000 new customers with assets of 900 million British pounds ($1.17 billion) to Fidelity International’s customer base.