Royal London May Buy Co-op Units
Royal London Mutual Insurance Society is in discussions to acquire Co-operative Financial Services’ asset management and life insurance divisions.
Royal London Mutual Insurance Society is in discussions to acquire Co-operative Financial Services’ (CFS) asset management and life insurance divisions, Financial Times reports. The businesses have nearly two million policyholders and £20 billion of funds under management.
The sale will include CFS’ life insurance subsidiary, including the £15 billion of assets in its Long Term Business Fund and Co-operative Asset Management, which manages the fund. Additionally, the firm will lay off 670 employees in its financial-advisory division as it transfers some of the services to Axa.
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