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R&SA takeover seen to build critical mass

Friends Ivory & Sime's £240m (€386.4m) takeover of Royal & SunAlliance's investment arm has created the makings of a decent firm, say consultants.

Together the firms will manage £70bn, dominated by Friends Provident and Royal & SunAlliance life assurance funds. One consultant says: 'They will be a rather UK-orientated firm. But there are managers within it capable of forging good performance numbers.'

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