"The deal, which is understood to value [RL360°] at tens of millions of pounds, is expected to be announced in the next few days," Sky News, a UK-based news organisation owned by the British Sky Broadcasting Group, said in its report.
The report noted that the rumoured sale would take place at a time of "greater public and political scrutiny of tax-planning activities".
Although Royal London’s mutual structure means that it is owned by its customers, it has some publicly-traded subordinated debt, so if a sale is agreed, a statement about it is likely to be made to the London Stock Exchange, the Sky News report noted.
It said the sale of 360° to Vitruvian would "involve the transfer of roughly 200 employees and well over £2bn in assets under management".
Today’s Sky News report comes in the wake of news that Royal London would acquire the beleaguered Co-operative Group’s life insurance and fund management operations. Last year the company announced that it would focus only on platform and wrap markets in the UK, and shift its emphasis from single-premium to regular-premium products, in an effort to become more profitable.
A spokesman for Royal London said the company had no comment to make at this time.
To read the Sky News report, click here.
