Equitable Life appoints BlackRock as investment manager

Equitable Life has appointed BlackRock as investment manager for its 400,000 policyholders.

The asset management group is tasked with proving investment and risk management for policyholders and group scheme members to maximise returns on Equitable’s £5.7 billion of assets.

BlackRock will take over the role from October.

Equitable Life said the appointment was a ‘significant step’ in recreating value for policyholders, it follows a new third party administration contract with HCL and a 5.5% policy value increase earlier this year.

Equitable Life chief executive Chris Wiscarson (pictured): ‘Maximising returns on policyholder investments is one of the society’s three key strategic priorities. We have taken another important step forward by appointing BlackRock, a great new partner by any standard.’

BlackRock vice chairman Rich Kushel said: ‘We believe that our experience in sterling fixed income, in asset management for insurance companies, and in risk management will significantly support Equitable Life’s strategy for policyholders.’