The firm has not confirmed how many jobs will be lost from the combined total of 700, but has said that the rationale behind the purchase was that there were significant synergies from the merger of the two businesses.
The deal will effectively double Friends Ivory's funds under management to £70bn, propelling the new business into the top 10 active investment managers in the UK.
The asset management arm is the first of seven busineses which Royal & Sun wishes to divest in an effort to raise £800m.
Jobs To Go After Funds Purchase
Friends Ivory & Sime have confirmed that jobs are likely to go after its purchase of the asset management arm of Royal & Sun Alliance for £240m.
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