UK – Insurance and asset management group, Royal London, has launched its new bespoke cash management arm, Royal London Cash Management (RLCM), following the acquisition of cash management specialist firm, Union Fund Management last year.
The new unit, which has £1.5bn (€2.4bn) in funds under management, will operate specifically from the London and Guernsey headquarters of Royal London Asset Management (RLAM).
It will headed by existing directors, Chris Chudley and Tom Meade and its client-base is largely institutional.
Says Meade: “The new unit will remain relatively autonomous within the RLAM group, as we are keen to preserve our specialist cash management status. Too often, cash is seen as the poor relation of equities and bonds, and that is why we deal only in money markets. However, we are working closely with the fixed interest and equity teams at RLAM to develop new opportunities for our clients.”