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Daily Insurance Industry News
Thursday 18th of January 2018
July 5, 2010

Equitable Life appoints BlackRock asset manager

by Gill Montia

Story link: Equitable Life appoints BlackRock asset manager

Equitable Life has announced the appointment of US investment manager, BlackRock, to provide investment and risk management services for its 400,000 policyholders and group scheme members.

The agreement takes effect in October when BlackRock will be tasked with maximising returns on the failed mutual’s £5.7 billion of assets.

BlackRock currently has £2.2 trillion under management and according to Equitable, the move is a further significant step in recreating value for policyholders.

Chief executive, Chris Wiscarson, comments: “We have taken another important step forward by appointing BlackRock, a great new partner by any standard.”

Meanwhile, the Equitable Members’ Action Group (EMAG), which represents around 21,000 policyholders, continues to fight for compensation for its members, having rejected the offer set out in March in a report by Sir John Chadwick.

 

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