This move aligns with Virgin Money’s goal to expand beyond traditional retail products and double its assets under management within the next five years.

The collaboration between Virgin Money and Abrdn began in 2019, resulting in the launch of Virgin Money Investments last April. The digital platform, equipped with a mobile app, offers a variety of investment options. It later introduced a pension product, allowing individuals to save from £25 per month or transfer existing pensions onto the platform.

As of the end of the previous year, Virgin Money Investments managed assets totalling £3.7 billion, with over 150,000 customer accounts. The acquisition of Abrdn’s stake is seen as a strategic move to consolidate the investments and pensions business with Virgin Money’s existing offerings, including deposits, mortgages, credit cards, and daily banking.

Allegra Patrizi, managing director business and commercial at Virgin Money, said: “Our joint venture with abrdn has successfully delivered a new investment service offering simple and straightforward investment options for customers.

“Taking full control of Virgin Money Investments will mean we can bring the investments and pensions business together with our deposits, mortgages, credit cards and daily banking, enabling us to help more customers feel confident to invest for the future and driving significant growth in assets under management.”

Despite recent job cuts and network closures, Virgin Money plans to retain all staff from the investments division, ensuring no job losses in the process. Abrdn will continue to provide investment advice for the platform.