Equitable Life has appointed BlackRock to provide investment and risk management services for its 400,000 policyholders and group scheme members.
BlackRock's objective will be to maximise returns on £5.7bn of assets while satisfying Equitable Life's regulatory solvency ratios. Its appointment will become effective in October 2010. Equitable Life says the deal will help recreate value for policyholders following the new third party administration contract with HCL and the 5½% policy value increase earlier in 2010. BlackRock has £2.2trn AUM and an established track record of co-ordinating assets for insurance companies. Chris Wiscarson, Equitable Life's chief executive says: "Maximising returns on policyholder investments is o...
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