Abrdn, the Edinburgh-based financial services company, has completed the sale of its assets – totalling £7.4bn – under management private equity business to Partia Investment for up to £100m.

Following a strategic review of the groups’s alternative businesses, the sale was conducted after it was found that the capital generated from the sale of certain private equity businesses would be better deployed within the core investment business.

Rene Buehlmann, chief executive of investments at abrdn, commented: ”The sale of our European-headquartered private equity business to Patria Investments follows the sale of our US-headquartered private equity business to High Vista Strategies last year and marks another step forward in our efforts to reshape and simplify our Investments business.

”We are building a modern investment company that brings together two leading UK wealth businesses with our global specialist asset manager that is now focused on areas where we have true strength and scale.”

First proposed last October, the upfront consideration was for £60m of cash, with secured deferred consideration of £20m plus interest of cash to be paid in the two years following completion.

Rothschild & Co served as financial advisor for the sale and Macfarlanes served as the legal advisor to Abrdn.

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A further payment of up to £20m is also set to be paid, subject to the performance of the company in three years.

Currently, Abrdn manages and administers £508bn of assets for their investment, adviser, and personal business clients. The investment business manages £374bn on behalf of clients.

Recently, DIGIT report that Virgin Money had agreed to purchase abrdn‘s 50% stake in their joint venture, Virgin Money Investments, following the launches of its new investment and pension services for customers.