Abbey National Asset Managers is to shed 60 jobs after outsourcing the management of approximately £20bn of its assets to State Street Global Advisors.
The outsourcing deal – which includes all of ANAM’s unit trust and with-profits business – will see the money invested in SSgA’s active, enhanced and passive strategies.
Abbey – ANAM’s parent company – says it will cease to manage assets on behalf of third-party institutions and that SSgA will be just one of a number of external fund managers which will be appointed to improve investment returns.
Abbey chief executive Luqman Arnold said: “Over the last three years Abbey has used two different models in its fund management approach. ANAM – on a single manager basis – managed all Scottish Mutual, Scottish Provident and Abbey-branded funds while the Inscape funds were based on a multi-manager model.
“By extending a multi-manager approach to the majority of our investment range, we will be giving customers access to a range of top-class specialist fund managers, many of which are normally only available to institutional investors.”
The 11-strong ANAM specialist direct property investment team is to be retained.
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