Update: Interactive Investor completes acquisition of TD Direct Investing

Brings total assets under administration to £21bn

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). Barbell approach: Middle-tier asset managers under threat as M&A ramps up 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 becom...