Scottish Friendly to run NU Lifetime wrap

In a move expected to cause a number of job losses at NU, Scottish Friendly's wrap will take on Lifetime’s high net worth business and run its back-office administration. The transfer is expected to complete by early 2009, with NU pledging to make “significant investments” to IT infrastructure over the next three to five years. NU says working with Scottish Friendly will enable more simplified operations and reduced costs. “We understand that this decision causes uncertainty for our staff. However it is too early to give an indication of the likely number of redundancies,” Lifetime manag...