The Financial Conduct Authority (FCA) has approved the launch of three long-term asset funds (LTAFs) for Scottish Widows.
According to filings in the FCA Register, the three funds will have Carne Global Fund Managers (UK) as their operator and Northern Trust as their depositary.
The CG Scottish Widows LTAF will serve as the umbrella fund, housing the other two strategies: CG Scottish Widows Growth and CG Scottish Widows Diversified Credit LTAFs; all of which will launch later this year.
For the umbrella LTAF, Carne has been selected as the alternative investment fund manager (AIFM); while Aberdeen will look after the Growth strategy and BNP Paribas Asset Management will run the Diversified Credit LTAF.
Scottish Widows chief investment officer Kevin Doran explained the strategies will be available to the firm's four million workplace pension customers.
"We have designed our investment approach to better shape how and where we invest through our LTAF as well as tapping into opportunities across Lloyds Banking Group.
"This will help more of our members' money go straight into private assets that can really help our customers achieve good outcomes in retirement as part of a modern portfolio structure."
In April, the Scottish Widows revealed it was working on an "open architecture LTAF" to provide access to a range of private markets investments while leveraging implementation routes from general partners through primary or secondaries co-investments and direct sourcing.
This story first appeared on PP's sister title Investment Week
