Investment services group Ravenscroft has agreed a deal to acquire Royal London Asset Management and Royal London Custody Services to expand its cash management offering.
The acquisition, worth an undisclosed fee, will see all five Royal London Asset employees moving across to Ravenscroft as soon as the sale is completed.
Following completion of the deal, which is subject to approval by Guernsey Financial Services Commission, the two companies will be rebranded as Ravenscroft and the company’s assets under administration will increase to more than £6.5 billion.
Mark Bousfield, group managing director of Ravenscroft, said the move was another exciting chapter in the Ravenscroft story.
He commented: “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.”
“Our assets under administration continue to grow organically as well as through this acquisition, we have more than 100 staff, will be moving into new headquarters in Guernsey in 2019 and are progressing our plans to expand into other jurisdictions where we understand the financial and regulatory environment and can add value by offering our suite of services.”
Piers Hillier, CIO at Royal London Asset Management, stated: “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.”
Managing director of Royal London Asset Management, Pierre Paul, added: “Ravenscroft is an ambitious and rapidly growing Channel Islands’ financial services business, with a reputation and philosophy of putting its clients first.”
“I believe that the acquisition will have a positive impact on both our staff and clients.”
