Royal London To Sell Offshore Wealth Unit 360

By Mark Kleinman, City Editor

One of Britain's biggest mutuals is selling its offshore wealth unit to a private equity group amid greater public and political scrutiny of tax-planning activities.

Sky News has learnt that Royal London, the UK's biggest customer-owned life insurance and pensions provider, is to sell 360, an Isle of Man-based division, to Vitruvian Partners, a buyout firm.

The deal, which is understood to value 360 at tens of millions of pounds, is expected to be announced in the next few days.

Although owned by its customers, Royal London does have some publicly-traded subordinated debt, meaning that a statement about the deal is likely to be made to the London Stock Exchange.

The sale of 360 to Vitruvian will involve the transfer of roughly 200 employees and well over £2bn in assets under management. The business has offices in Dubai, Hong Kong and Lebanon as well as on the Isle of Man.

According to its website, the wealth management operation "brings our international clients much greater scope for tax efficiency ... Apart from some withholding tax on certain income producing assets, our underlying funds can grow virtually tax free."

The transaction comes several months after Royal London secured the takeover of the struggling Co-operative Group's asset management and life and pensions assets, the proceeds from which will be used by the Co-op to plug a £1.5bn black hole in its banking division's balance sheet.

That deal life increased Royal London's scale from 3.5m to 5.5m customers and from £50bn of assets under management to more than £70bn.

Royal London recently signed an agreement with the England & Wales Cricket board to sponsor one-day international matches for four years, a period that will include the 2015 World Cup in Australia and New Zealand.

Vitruvian, which owns businesses such as Tinopolis, a television production company, and Just Eat, the online takeaway ordering service, declined to comment, while Royal London was unavailable for comment.

Anda sedang membaca artikel tentang

Royal London To Sell Offshore Wealth Unit 360

Dengan url

http://kerjasendirianda.blogspot.com/2013/11/royal-london-to-sell-offshore-wealth.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Royal London To Sell Offshore Wealth Unit 360

namun jangan lupa untuk meletakkan link

Royal London To Sell Offshore Wealth Unit 360

sebagai sumbernya