Zurich appoints BlackRock to passively manage unit-linked funds

The funds, which represent 20% of Zurich's £15bn unit-linked managed funds, will be invested on an index tracking basis by BlackRock Tracker Unit Trusts. The insurer said today it was responding to a change in market developments and wanted to reduce volatility to give its policyholders the opportunity for better risk-adjusted returns. It said there would be no change to the investment objectives of the managed funds and the remaining 80% of the funds will remain actively managed by Threadneedle, which has held the mandate since 1997. Zurich UK Life chief investment officer Vince R...