Deutsche scoops £2.35bn Royal London custody
UK – Royal London Unit Trust Managers has appointed Deutsche Bank as trustee and custodian to its entire fund assets worth over £2.35bn (e3.91bn).
The appointment follows the takeover of unit trust manager United Friendly in November last year by Royal London and the subsequent trust consolidation work.
Deutsche Bank acted previously for nine United Friendly trusts with approximately £1.4bn of assets under management, through its subsidiary, Bankers Trustee Company.
“ As a result of our trust consolidation we are able to offer increased operational and investment efficiencies, which is clearly important for our growing business,” says Chris Phillips, chief executive officer of Royal London Asset Management.
Deutsche Bank has assets under custody of e4.1trn.