Royal London sells cash management arm

Royal London sells cash management arm

Ravenscroft has bought Royal London Asset Management's cash management business for an undisclosed sum.

The Channel Islands-based investment manager has bought both Royal London Asset Management CI and Royal London Custody Services CI, with all five employees moving across to Ravenscroft.

The acquisition, which is subject to approval by the Guernsey Financial Services Commission, will increase Ravenscroft's assets under administration to more than £6.5bn.

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Piers Hillier, chief investment officer at Royal London Asset Management, said: "The Royal London Asset Management CI business has seen steady growth under Royal London ownership and Ravenscroft is the ideal local partner for the team to continue their journey with."

Rlam CI was established in 2001 following the Royal London Group's acquisition of Union Fund Management and, together with its parent company, claimed to be the UK's largest provider of segregated cash portfolios.

Mark Bousfield, group managing director of Ravenscroft, said: "Our existing cash management clients will benefit from their service being provided by a well-respected and very experienced team and it also gives Ravenscroft immediate scalability. Royal London CI's clients will see no changes and will liaise with the same familiar faces.

"This acquisition rounds out the Ravenscroft service offering: the group now offers fully scalable stockbroking, investment management, fund management, cash management and gold/precious metals dealing and storage."

He added that Ravenscroft had grown to have more than 100 staff, would be moving into new headquarters in Guernsey in 2019 and was progressing plans to expand into other jurisdictions.