Equitable hires BlackRock in investment deal
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Equitable Life has appointed BlackRock to provide investment and risk management services for its 400,000 policyholders and group scheme members.
BlackRock will be tasked with maximising returns on £5.7bn of assets while satisfying Equitable Life’s regulatory solvency ratios. The appointment will become effective in October.
Equitable Life says the tie up with BlackRock, which has £2.2trn under management, is a “significant step” in recreating value for policyholders.
Chief executive Chris Wiscarson says: “Maximising returns on policyholder investments is one of the society’s three key strategic priorities. Today, we have taken another important step forward by appointing BlackRock, a great new partner by any standard.”
BlackRock vice chairman Rich Kushel says: “We are proud to work in partnership with Equitable Life. We believe that our experience in sterling fixed income, in asset management for insurance companies, and in risk management will significantly support Equitable Life’s strategy for policyholders.”
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