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Friends Ivory & Sime snaps up R&SA&#39s fund manager

Friends Ivory & Sime has announced its intention to purchase the UK fund management arm of Royal & Sun Alliance for £240m.

Under the terms of the contract, FIS will also manage R&SA&#39s life and general insurance funds exclusively for the next 10 years.

The deal will see FIS&#39s funds under management increase to £70bn from £34bn and its fund management team strengthen with the addition of R&SA&#39s managers.

FIS chief executive Howard Carter says: “This transaction is transformational for FIS in terms of scale, doubling our funds under management and, on that measure, propelling us into the top 10 active investment managers in the UK.”

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