LV picks BlackRock as primary asset management partner
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Investment, protection and retirement insurer LV has appointed BlackRock as its new primary asset manager following a “thorough, comprehensive and strictly governed” tender process.
David Hynam, LV chief executive, said the decision to appoint BlackRock is one of several initiatives the insurer has introduced to grow the market for its Smoothed Managed Fund range. These funds form the majority of LV’s with-profits funds under management and the current range of five funds is designed for investors with a low to medium risk profile.
Hynam added the company expects to see the impact of BlackRock’s investment expertise within the first three months following 12 months of transition.
He said: “BlackRock is an innovative asset manager whose substantive scale and market expertise will support our overall asset allocation. We believe this is great news for our members and existing customers. Our partnership will help us continue to broaden the appeal and reach of the LV SMF range for advisers and their clients.”
LV remains responsible for all strategic asset allocations and investment decisions.
Sarah Melvin, head of UK at BlackRock, said: “The combination of BlackRock’s investment expertise and risk management technology alongside LV's significant experience aims to generate optimal outcomes for their members, and we’re really looking forward to working together.”
Last month, BlackRock was chosen as the most popular third-party asset manager across the US, Europe and Asia Pacific.
LV’s funds that will move to BlackRock are currently managed by Columbia Threadneedle Investments, who LV partnered with over the last 12 years. The transition will be phased over the next 12 months by LV’s Investment Oversight Group with specialist external investment consultants.
BlackRock’s appointment is subject to regulatory process.
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