Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Friends Life awards £14.5 billion mandate to Schroders

Friends Life awards £14.5 billion mandate to Schroders

Friends Life is to transfer £14.5 billion in assets from F&C to a new strategic partnership with Schroders.

The insurance business is due to redeem £12.2 billion in equity and multi-asset mandates and a further £2.3 billion in sterling fixed income mandates from F&C over the course of the year.

Friends Life formerly owned as much as 52% of the investment business, but the two companies have been steadily disentangling their former involvement.

Bank of Montreal agreed a £708 million takeover bid for F&C at the end of January. Assets under management at F&C fell 4.9% last year as investors, including Friends Life, withdrew £13.3 billion.

‘This partnership is another important step in the development of our multi-asset business and brings new assets to a number of capacity unconstrained equity strategies,’ said Schroders chief executive Mike Dobson.

‘In addition to this stable pool of long-term assets we look forward to working with Friends Life to develop investment products and solutions for its retail and corporate pension fund customers.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

Wealth Manager on Twitter