Deutsche Bank has been appointed as sole trustee and custodian for Royal London Unit Trust Managers. The total funds under management are in excess of £2.35bn.
The appointment follows Royal London’s takeover of United Friendly in November 2000, and subsequent Trust consolidation project. Prior to that Deutsche Bank acted for nine United Friendly trusts worth approximately £1.4bn, through Deutsche Bank’s subsidiary, Bankers Trustee Company Ltd.
Chris Phillips, CEO of Royal London Asset Management, said: As a result of our trust consolidation we are able to offer increased operational and investment efficiencies, which is clearly important for our growing business. We are pleased to confirm Deutsche Bank as trustee and custodian.
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