Royal London, the UK’s biggest mutual life, pensions and investments company, said winning a £4.6bn multi-asset mandate from St James’s Place had boosted assets under management by £7.3bn in the first half of 2025.
The company, which employs 1,600 staff in Edinburgh, announced in February that it would be running SJP’s £4.6bn Strategic Managed Fund which was previously handled by Columbia Threadneedle. The rise in AUM was in spite of net outflows of £1.8bn in global equities.
Figures for the six months to the end of June showed operating profit increased by 15% to £166 million, compared with £144m in the first half of 2024.
Life and pensions new business sales were up 17% to £5.8bn which Royal London said was supported by an uplift from bulk purchase annuity sales.
Barry O’Dwyer, group CEO, said: “For six years running, Royal London has been the most preferred personal pension provider by financial advisers, a testament to the strength and quality of our customer propositions.”
In May Royal London announced the purchase of UK-based infrastructure asset manager Dalmore Capital, which manages around £6bn of assets across five flagship funds. The assets include hydro generation projects in Scotland.
In its results statement it said: “By acquiring Dalmore, we are taking another step in building our private assets capability, broadening our investment proposition and expanding and diversifying our client base.”
Royal London welcomed the Financial Conduct Authority’s review into targeted support and said it has seen an increasing demand for guidance.
In the first half, more than 160,000 customers engaged with Royal London’s online guidance tools.
The group has also grown the number of users actively engaging with its mobile app to 447,000 — an increase of 50,000 since the end of 2024.
The company has submitted plans to redevelop its former offices on Thistle Street and Queen Street in Edinburgh, which are its headquarters north of the Border. The mutual’s Scottish operations are currently largely based in an office in Haymarket.
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