Private Client Services unit will remain under Aberdeen’s control and is excluded from the sale. Credit: CrizzyStudio/Shutterstock.com

Aberdeen Group has agreed to divest its financial planning unit, known as Aberdeen Financial Planning, to Ascot Lloyd.

Financial specifics of the deal remain undisclosed.

The agreement between the two companies includes a continued partnership, with Aberdeen providing its Wrap platform from the Adviser business.

The transaction does not encompass the entirety of Aberdeen Financial Planning’s operations.

Private Client Services unit will remain under Aberdeen’s control and is excluded from the sale.

Dyer Baade and Company acted as Aberdeen’s financial advisor, while Pinsent Masons provided external legal counsel for the transaction.

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The origins of Aberdeen Financial Planning date back to its establishment under Standard Life in 2015, initially operating under the name 1825.

Following a series of acquisitions, the business underwent a rebranding in 2021 and was subsequently integrated into the company’s another business named, interactive investor, in January 2024.

Interactive investor is the UK’s direct-to-consumer investment platform, helping individuals plan, save, and invest.

Aberdeen Group CEO Jason Windsor said: “Today marks another step forward in our efforts to simplify our business so that we can focus on our ambition to become the UK’s leading Wealth and Investments group.

“We have three core businesses, interactive investor, Adviser and Investments, all with clear plans for growth, and these actions are part of our drive to improve performance and execute on our plan.”

Ascot Lloyd CEO Francis Jackson stated: “The acquisition of Aberdeen Financial Planning marks a major milestone on the Ascot Lloyd journey. The leadership team and advisers we encountered are highly experienced, skilled professionals who will integrate well into the culture at Ascot Lloyd.

“At the heart of the business we found a team who are committed and focused on the delivery of excellent financial planning and advice and believe the business to be a great fit for Ascot Lloyd, supporting our ambitious growth plans in the market.”