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Royal London's £219m Co-op buy gets regulatory green light

The Prudential Regulatory Authority (PRA has approved Royal London's acquisition of the Co-operative Banking Group's fund management and life insurance businesses.

The news comes after 95% of members at a Royal London extraordinary general meeting held in June approved the £219 million purchase.

The deal, which was announced in March, is expected to go through before the summer is out. It will increase Royal London's customer base by around 2 million and its funds under management from £50 billion to £70 billion.

The Co-op is selling the businesses in bid to bolster is capital position amid growing regulatory pressure.  

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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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