Nearly all Royal London members present, 95%, voted in favour of the deal which will increase Royal London Asset Management’s (RLAM) AUM to around £70m from £50m.
The deal is worth £219m, £39m of which will be paid up-front and £180m will come from a CIS fund within the life and pensions division returned to the Co-op on completion.
The acquisition will boost Royal London’s customer count from four million to six million, while the number of policies it manages will increase from 6.8m to 10.3m.
The acquisition remains subject to regulatory approval, and all being well is expected to be completed later in the summer.
Speaking at the time of the announcement of the deal in March, then-CEO Barry Tootell said: “This decision reflects changes in the life assurance market and our focus on developing a compelling co-operative offer for our millions of customers and members. The completion of this agreement is expected to generate a significant release of capital.
“The transfer of our life assurance and asset management businesses to Royal London will ensure the continued protection of our policyholders, within a strong, mutual business with the necessary scale and focus on the long-term savings sector.”
Tootell has since stepped down as CEO ad was replaced by Niall Booker, who took to the helm days after the troubled lender suspended new business loans in a bid to protect capital.
