Royal London Asset Management launches new Private Equity joint venture

Royal London Asset Management launches new Private Equity joint venture RLAM is delighted to announce the establishment of Royal London Private Equity ("RLPE"). This joint venture company is owned by RLAM and David MacLellan the former Managing Director of Murray Johnstone. It has been formed to raise funds for investment in private equity opportunities in the UK and Mainland Europe. RLPE will operate out of offices in London and Glasgow. It will manage Royal London's portfolio of private equity funds and direct investments, with a total value of approximately £60 million. It will immediately begin the marketing of a new private equity limited partnership, with the aim of raising £200 million. Royal London will commit up to £50 million to the fund, which is expected to close within 12 months. RLPE will begin operations with David MacLellan in Glasgow and one executive in London and expects to recruit a further five executives over the next year. David MacLellan has 17 years of private equity experience. He joined Murray Johnstone's private equity team in Glasgow in 1984 where he was head of private equity during the 1990s until 1997 when he was appointed deputy Managing Director of the Murray Johnstone group and subsequently Managing Director. He joined the Board of Aberdeen Asset Management when it later bought Murray Johnstone but stepped down in May of this year. Between 1995 - 1998 David was a member of the Council of the British Venture Capital Association and was chairman of the Regional committee of the BVCA. Chris Phillips, Chief Executive of RLAM, said: - "We have been considering for some time how to develop a private equity business and are delighted to be able to work with David MacLellan to develop the joint venture. He has the industry experience and proven skills to establish a successful business. Royal London will be committing up to £110 million to RLPE demonstrating our view that current economic conditions are going to produce some good deals over the next few years which will lead to good returns for investors". David MacLellan, Managing Director of RLPE, said: - "Since I left Aberdeen Asset Management at the end of May, I have been seeking a fresh challenge; private equity is a sector I know and understand well and the challenge of building a new business for RLAM is one to which I am looking forward". - Ends - For more information please contact Christopher Phillips RLAM 020 7506 6500 Chief Executive David MacLellan RLPE 07774 835 764 Managing Director Andrew Waterworth / Tilly von Twickel Financial Dynamics 020 7269 7127 / 7296 Notes to Editors Royal London Asset Management (RLAM) is an independent investment management company, wholly owned by the Royal London Mutual Insurance Society Limited. RLAM was established in 1989 to deliver top tier investment management services to Royal London, its clients and the wider external marketplace. RLAM currently has aproximately £26bn funds under management and is an expanding company with a growing presence in the UK institutional and retail markets. Murray Johnstone (MJ) was a Glasgow based fund manager with approx £4bn of funds under management at the time of its sale to Aberdeen Asset Management (AAM) in late 2000. These funds included investment trusts, open ended funds, institutional clients and private equity funds. Prior to its sale to AAM, MJ was owned by United Asset Management in Boston. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/11/20011011BIT00820/bit0002.doc http://www.waymaker.net/bitonline/2001/10/11/20011011BIT00820/bit0002.pdf