Royal London acquires UK-based asset manager Dalmore Capital

Written by Paige Perrin

22/05/2025

Royal London has announced it has agreed to acquire Dalmore Capital, a UK-based infrastructure asset manager, subject to regulatory approvals.

As part of the acquisition, Royal London will commit up to £500m to future Dalmore funds.

The transaction supports Royal London’s strategy to broaden its private assets capabilities and provide customers access to a wider range of investment options to support their retirement goals.

Following completion, ownership of Dalmore Capital and its asset servicing arm, Resolis, will transfer to Royal London Asset Management.

Dalmore Capital will operate as a stand-alone infrastructure capability within Royal London Asset Management.

Commenting on the acquisition, Dalmore Capital, chief executive officer, Michael Ryan, said his firm was “delighted” to be partnering with Royal London in the next stage of growth.

“This transaction is a strong endorsement of the team at Dalmore, our track record, and the prospects for investing in UK infrastructure,” he added.

Royal London group chief executive officer, Barry O’Dwyer, said: “By acquiring Dalmore Capital, we can offer our individual and workplace pension savers access to the long-term, stable returns that infrastructure investments can potentially provide.

“Additionally, it demonstrates our commitment to invest in assets that support the UK’s drive for economic growth and an innovative, sustainable future.”

Royal London Asset Management, chief executive officer, Hans Georgeson, commented: “This acquisition is a significant milestone in broadening our private assets capability to meet the changing needs of our clients.

“There is a strong strategic fit between the two businesses and a focus on investing in assets with broader societal and economic benefits.”

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