Friends Life launches in-house asset management arm

It said the business would support the growth of core product areas, such as annuities and over time would cover more of the assets of the wider group's 5 million customers. It will initially focus on managing the group's existing fixed income assets - which cover annuity liabilities, shareholder funds and assets backing other non-profit liabilities. Further investment classes will be considered as the business expands. A team of 15 people will operate under chief investment officer Mark Versey, head of fixed income Michael Wright, and director of asset management operations Andrew Br...