The UK’s Royal London Group is to buy The Co-operative Banking Group’s insurance and asset management businesses for £219 million (around $331 million), subject to regulatory approval.

As a consequence of this transaction, Royal London's funds under management will increase from approximately £50 billion to circa £70 billion, the firm said in a statement.

Royal London had funds under management of £50 billion and employed 2,910 people, as at 31 December 2012.