Friends Provident is looking to bring some £500m of its life and pension funds now managed by Capel ...
Friends Provident is looking to bring some £500m of its life and pension funds now managed by Capel Cure Sharp (CCS) back in house, writes Kira Nickerson.
Since its merger with Ivory & Sime and London & Manchester, Friends Provident, has been looking to concentrate and rationalise its fund management operations
Capel Cure has been managing the funds since the mid-1980s, first on behalf of NM and then Friends Provident following its acquisition of NM in 1993.
The funds affected include AES Managed Pension, which has assets of £60m, CCM Vanguard Life and CCM Vanguard Pension, which hold combined assets worth £420m.
A spokesman for Friends Provident, said: "We are in discussion with CCS concerning contracts but we are not in a position to make any announcements at this time. Any announcement we would make, we would have to first inform policyholders."
A spokesman for CCS, said: "We are in the middle of discussions about the future of that business and it is premature to predict what the outcome will be."
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