12 February 2014
Royal London’s takeover of the Co-op’s pensions and savings arm helped boost the mutual’s funds under management to £74 billion at the end of last year, it emerged today.
The company said the £219 million tie-up, which was completed in August, also brought two million new customers on to its books. The takeover complemented organic inflows of £2.4 billion into its asset management business, and life and pensions sales of £3.5 billion, up 12%.
Chief executive Phil Loney said: “Overall new business performance in 2013 was strong, with significant year-on-year gains in pensions and investments. We have achieved strong new business performance across our range of pension, drawdown, wrap platform and asset management offerings.”
