Interactive investor has completed the process of buying TD Bank's European direct investing business, bringing its total assets under administration (AUA) to £21bn.
Last October, the company announced its plans to buy TD Bank's direct investing business through the acquisition of its UK-based arm TD Wealth Holdings and Luxembourg-based TD Bank International, collectively known as TD Direct Investing (TDDI). The acquisition was financed through an investment from funds help by investment firm J.C. Flowers & Co, which as a result hold a majority stake in the combined business. Interactive Investor's existing shareholders that are participating in the transaction also become shareholders in the combined company. The combined group will transition...
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