Two retail stockbroking firms today paid Abbey National £60m for its Scottish-based market making operation Aitken Campbell.
Schwab and TD Waterhouse have struck a joint venture to take over the business and provide services to stockbrokers around the UK.
The pair plan to use the existing skills and infrastructure of the Glasgow company, as well as retain the name of the operation.
Aitken Campbell joined the Abbey National group following its acquisition of the Cater Allen group in 1997.
Schwab and TD Waterhouse are established in the US and Canada respectively but have already strong positions in the UK private investors market.
EGi News 31/01/01
