Guernsey-based investment manager Ravenscroft is to acquire Royal London Asset Management CI and Royal London Custody Services CI in a move which will expand the company's cash management offering.

The two businesses are being bought for an undisclosed sum from Royal London Mutual Insurance Society. All five employees of Royal London in the island will move across to Ravenscroft once the sale is completed. The acquisition, which is subject to approval by the Guernsey Financial Services Commission, will add some £1.8 billion to Ravenscroft's assets under administration, taking the total to more than £6.5 billion.

"This is another exciting chapter in the Ravenscroft story. Our existing cash management clients will benefit from their service being provided by a well-respected and very experienced team and it also gives Ravenscroft immediate scalability. Royal London CI's clients will see no changes and will liaise with the same familiar faces," said Mark Bousfield, group managing director of Ravenscroft.

"This acquisition rounds out the Ravenscroft service offering – the group now offers fully scalable stockbroking, investment management, fund management, cash management and gold/precious metals dealing and storage.

"Our assets under administration continue to grow organically as well as through this acquisition. We have more than 100 staff, will be moving into new headquarters in Guernsey in 2019, and are progressing our plans to expand into other jurisdictions where we understand the financial and regulatory environment and can add value by offering our suite of services."

Piers Hillier, chief investment officer at Royal London Asset Management, said: "The Royal London Asset Management CI business has seen steady growth under Royal London ownership and Ravenscroft is the ideal local partner for the team to continue their journey with."

The two companies will be rebranded as Ravenscroft.

"Ravenscroft is an ambitious and rapidly growing Channel Islands' financial services business, with a reputation and philosophy of putting its clients first. I believe that the acquisition will have a positive impact on both our staff and clients," said Pierre Paul, managing director of the cash management business being acquired by Ravenscroft.

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