Threadneedle restructures insurance AM business
UK – Threadneedle Investments has restructured its £800m (€1,261m) insurance asset management business into a fully-integrated division. The London-based business was formerly known as Scudder Insurance Asset Management before its US based parent company, Scudder was acquired by Zurich.
However, Zurich recently sold Scudder Investments to Deutsche Bank in a deal which saw it retain Scudder’s UK-based asset management and insurance operations.
Scudder Insurance Asset Management was by then considered part of the UK asset management operation and remained with Zurich, which rebranded its UK investment management arm, Threadneedle.
A spokeswoman for the newly-branded insurance division says the move was logical. “We sat alongside Threadneedle as part of Zurich for a long-time. Our restructuring into a fully-integrated operating division of Threadneedle makes perfect sense since it will allow the Threadneedle group to grow in an ever competitive market,” she says.