Royal London has sold its international division, Royal London 360°, to private equity firm Vitruvian Partners for an undisclosed sum.
Royal London says the management buyout, led by Royal London 360° chief executive David Kneeshaw, will see the business rebranded as RL360°.
It says there will be no job losses as part of the sale.
Royal London chief executive Phil Loney (pictured) says: “Royal London Group has been approached on several occasions with proposals for the purchase of RL360° and we had a duty to our members to explore any potential financial benefits from these transactions.
“None of these previous approaches were capable of being fulfilled. However, the board has concluded that the proposal put forward by the RL360° management team does make compelling financial and strategic sense for all parties.
“A management-led buyout at this point in the development of RL360° reflects the strength of the mutual model and our ability to take a long-term approach in developing thriving businesses. The time is now right to realise a return on our investment for RLG and its members.”
The company offers a range of offshore investment, savings and tax planning products and manages funds in excess of £2bn.