Friends Life To Launch AM Business

U.K. pensions, investments and insurance provider Friends Provident Life and Pensions is looking to establish an asset management business.

U.K. pensions, investments and insurance provider Friends Provident Life and Pensions is looking to establish an asset management business. Friends Life Investments (FLI) to be launched in the second half of 2012 will be a wholly owned subsidiary of the Friends Life Group and will help the group leverage its investment capabilities.

The asset manager, which will have some £8 billion of recaptured assets to start with, will be managed by CIO Mark Versey. It will initially concentrate on fixed-income assets and will employ an outsourced model with a third-party administrator managing its investment operations.

Click here for the release from Friends Provident Life and Pensions.