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RL360° chief eyes acquisitions following management buyout

Royal London 360° chief executive David Kneeshaw says he is targeting acquisitions and organic growth after leading a management buyout of the international provider.

Royal London yesterday confirmed 360° had been sold to private equity firm Vitruvian Partners for an undisclosed sum.

Following the management-led buyout, which is not expected to result in any job losses, the firm has been rebranded as RL360°.

Kneeshaw says he will now look to expand the provider’s presence in developing markets and is eyeing potential acquisitions.

He says: “We see opportunities in a number of areas. We have increased our market share substantially in the last five years and we expect that to continue.

“I think there are areas of the world where we are under-represented, particularly in the developing world, so we will look to expand there and compete aggressively in those markets.

“I don’t think it’s a surprise to say that Vitruvian and RL360° management are willing to look at acquisition possibilities and we will certainly be exploring opportunities over the medium term.”

Kneeshaw says he expects the firm to double its market share, which currently stands at around 8 per cent, in the next three years, with demand driven by advisers who use platforms.

He says: “I would be disappointed if in the next three to four years we haven’t doubled market share. I think that is a reasonable challenge for us.

“We decided a number of years ago that the future of the UK market is based around advisers who use platforms. We have built our technology to link with platforms and we have a number of arrangements where we are plugged into platforms.

“We have nine partnerships at the moment and we will be announcing another two shortly.”


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