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.
Citywire TV
Play Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter