LV= in talks to outsource retail range to Threadneedle
Threadneedle is in exclusive discussions with LV= to take on its existing retail fund range.
The talks will take place over the next few weeks with the aim of reaching a final decision on the proposal at the start of next month.
LV= put its fund management arm up for sale in April, appointing Fenchurch Advisory to oversee the transaction, according to reports.The firm has about £8.4bn of assets.
LV= group CEO Mike Rogers says: “LV= has undergone a significant turnaround since 2007 and this is part of us ensuring our structure offers best value for our members. The LV= board is considering outsourcing asset management to enable it to focus on its fast expanding core trading lines within general insurance, protection and retirement solutions, as well as ensuring good investment returns for our with-profits members.”
Threadneedle CEO Crispin Henderson says: “Threadneedle is pleased to be working with LV= regarding management of the Society’s assets and its existing external funds. We believe our very strong track record of long-term outperformance and our experience in managing multi-asset funds for large and complex institutional clients means we are well placed to provide a compelling solution for LV= and its clients.”