Norwich Union outsourcing could spell tough future for life office asset management arms

Norwich Union's decision to launch another outsourced UK equity fund seems to be a genuine attempt a...

Norwich Union's decision to launch another outsourced UK equity fund seems to be a genuine attempt at open architecture on a limited scale, albeit another knife in the back of its fund management arm Morley. Giving fund management responsibilities to Andy Brough and Richard Buxton of Schroders and Chris Complin and Michael Barakos of JP Morgan looks like a move on the life office's part to try and add value for its policyholders. Both funds were seeded from the group's life funds, a positive move for future performance but hardly a ringing endorsement of Morley's fund management skills. ...