UPDATE 1-Standard Life buys Newton wealth unit

LONDON Wed Feb 27, 2013 6:22am EST

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LONDON Feb 27 (Reuters) - British financial services group Standard Life has agreed to buy Newton Management, a UK wealth management unit of BNY Mellon, adding up to 3.6 billion pounds of client assets to its books.

Standard Life said on Wednesday it expects the deal will more than triple the discretionary assets at its Standard Life Wealth arm, boosting market share and increasing profitability.

The agreed price of 83.5 million pounds ($126.36 million) will be contingenton how much of the assets ultimately transfer to Standard Life Wealth, the company said.

The Newton private client business runs money for around 3000 rich private investors and some charities.

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