Outsourcing of management of with-profits fund
Read the announcement about the outsourcing of the management of our with-profits fund.
On 15 August 2011, we agreed a long-term partnership with Threadneedle Investments to outsource the management of the Society's financial assets. This includes management of the with-profits fund.
As part of a strategic review, the board has concluded that your interests as a member are best served by focusing day-to-day operations on the fast growing general insurance and life businesses and outsourcing asset management to a stand-alone investment manager to retain excellent investment performance.
LV= has chosen to partner with Threadneedle as it has a very strong track record of long-term outperformance. It has extensive experience managing funds for retail investors, insurance and pension fund clients. It is one of the top 10 fund managers by AUM (Assets Under Management) and the fourth largest retail fund manager in the UK (UK IMA rankings, May 2011). A team at LV= will work closely with Threadneedle to ensure the partnership delivers the best returns for members going forward.
Subject to approval by the regulators, Threadneedle Investments will take over the management of the Society’s assets from 31 October 2011.
