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NU’s Mom suite will feature 12 managers

Norwich Union’s manager of managers’ suite, set to launch this month, will include mandates run by the fund arms of rival life offices including Aegon and Standard Life.

Boutique managers, including Lindsell Train and Rogge, have also been hired to run segments of the funds.

NU is offering four portfolios – income, cautious, balanced and growth – on May 23. Fund manager selection has been outsourced to Aon Asset Management while NU sister group Morley decides asset allocation.

The funds will compete with Scottish Widows’ funds run by Frank Russell and Standard Life funds run by Wilshire, which been successful in the life and pension market.

The funds will originally be available within NU’s life bond wrapper and will be extended to pensions later in the year.

Aon has picked 12 managers diversified by style, size and location. Standard Life Investments will be responsible for part of the UK equity exposure along with Lindsell Train, New Star, SGAM and Lazard. Australian multi-manager Intel will run US equities, Lazard and New Star will manage European equities, Nomura will cover Japanese equities and Lloyd George will over- see emerging markets and Asian equities. Corporate bonds will be run by Gartmore and Aegon, global bonds by Rogge and gilts by Morley.

This will also provide a balance between the institutional-style management of fund firms such as Lazard and the retail approach of New Star.

NU product strategy director Simon Quick says: “Monitoring and managing an investment portfolio is an ongoing process that can prove difficult and time-consuming, which is why the partnership with Aon and Morley is so valuable.”


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