Outsourcing the management of
assets is a bold step for any insurer, but it is one UK insurer
Liverpool and Victoria appears set to follow. The mutual insurer,
which trades under the brand LV=, has announced that it has entered
into exclusive talks with Threadneedle Investments, with the view
to outsourcing management of the society’s assets and existing
external funds to the asset management company.
Commenting, LV= CEO Mike
Rogers said: “LV= has undergone a significant turnaround since 2007
and this is part of us ensuring our structure offers best value for
our members.”
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He added that the insurer’s
board believes outsourcing of asset management will enable it to
better focus on expansion of its general insurance, protection and
retirement product interests.
At the end of 2010, LV=
reported total assets of £9.06bn ($14.4bn) and assets under
management of around £8bn. Threadneedle manages assets of some
£67bn on behalf of individuals, pension funds, insurers and
corporations – and ranks among the UK’s top-10 fund managers by
assets under management.
