UK - Royal Liver Assurance has continued its shift to outsourcing its fund management activities with the appointment of State Street Global Advisors to manage a 850 million pound (1.32 billion euro) multi-asset passive mandate.
State Street was also awarded a 3 billion pound (4.7 billion euro) transition role.
The multi-asset passive mandate was previously managed in-house.
Royal Liver Assurance has 2.5 billion pounds in assets under management, and a spokeswoman at the firm confirmed the decision had been made to outsource all fund management activities.
“After conducting a review, Royal Liver decided that it made commercial sense to outsource the management to specialists in these areas,” she commented.
At the end of October, Royal Liver decided to outsource a 137 million pound active UK equity mandate to Barclays Global Investors.