As details of the transfer became available, the insurer said today it was “likely that there will be some roles which will be made redundant”.
LV= revealed last month it had agreed a long-term partnership with Threadneedle Investments to outsource the management of the society’s £8.5bn assets and transfer the existing external funds.
As part of the deal, staff employed within LV=’s asset management business will transfer to Threadneedle Investments.
Under the terms of the agreement, LV=’s funds will remain in their current structure when transferred to Threadneedle and will stay segregated.
Subject to regulatory approval, the transfer is expected to take place on 31 October 2011.
“LV=’s decision to partner with Threadneedle reflects the strength of our investment team, our process and our sustained long-term track record of excellent performance across asset classes,” Threadneedle Investments CEO Crispin Henderson said. “We are committed to ensuring a smooth transfer for investors over the coming weeks and months.”
“The outsourcing of the management of LV=’s assets represents another step in our plan to ensure our structure continues to provide best value for our members,” said LV= group CEO Mike Rogers. “Threadneedle is a leading international investment manager with a strong track record of outperformance across asset classes.”