Threadneedle, the Swindon-based investment business, has secured a deal to manage the £8.5bn investment portfolio of LV=, the former Liverpool Victoria insurance group.
Adding these assets to Threadneedle’s existing business will push up its assets under management from £69bn to £77bn.
Financial terms have not been disclosed but all of Bournemouth-based LV= Asset Management’s 79 staff will transfer to Threadneedle. The fund management group said it will now review the business but would not be drawn on possible redundancies.
LV= said it had struggled to build scale in asset management. Following a strategic review it had "concluded that member interests are best served by focusing day-to-day operations on the fast growing general insurance and life businesses”.
The LV=/Threadneedle partnership will last for at least seven years.
