National Mutual is withdrawing from direct management of its equity funds.
From October, management of all equity funds will be outsourced to global investment banks.
Funds will offer a combination of active and passive management strategies. State Street has been awarded all passive mandates. On the active side, JP Morgan will manage for the UK and North America, Goldman Sachs for Europe and the Far East and Schroders for Japan.
National Mutual will continue to manage bonds, derivatives, and property directly and control accounting, valuation, custody and pricing.
It is also launching two new funds, managed under the new arrangements, the Balanced Managed and the Stockmarket Managed from next month.