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.