Royal London has been given approval to transfer over £1bn (€1.14bn)worth of assets to Ireland as the fund manager steps up its Brexit contingency planning. Royal London has been given approval to transfer over £1bn (€1.14bn)worth of assets to Ireland as the fund manager steps up its Brexit contingency planning. Just over £1bn (€1.14bn) gross is transferring, but because the business is being reinsured, the net asset transfer amounts to £10.5m (€12m). Royal London's new Ireland arm has been capitalised with €40m from the parent company and one-off costs of the transfer are estimated to be £21m (€24m) . For its part, Royal London is creating 20 new jobs in Dublin.

Source: Irish Independent February 05, 2019 13:41 UTC