Howard Daldorph has left Royal London Asset Management after 10 years building up its institutional fund management business.

Daldorph was unavailable for comment but a spokesperson said he was not going to a rival organisation and was leaving for personal reasons. In the past 18 months the firm has made two acquisitions, the UK life insurance houses United and Scottish Life, which has increased its assets under management to increase from £8bn (€13bn) to £30bn.