Equitable Life appoints BlackRock to manage risk
LIFE insurer Equitable Life said yesterday it has appointed US investment house BlackRock to provide investment and risk management services for its 400,000 policyholders.
Customer-owned Equitable Life said BlackRock’s objective would be to maximise returns on £5.7bn of assets while satisfying Equitable Life’s regulatory solvency ratios.
Chris Wiscarson, Equitable Life’s chief executive said: “Maximising returns on policyholder investments is one of the Society’s three key strategic priorities.
“Today, we have taken another important step forward by appointing BlackRock.”
Equitable Life closed its doors to new customers nine years ago after the cost of paying guaranteed bonuses left it short of cash.
The Labour government was slammed over its role in the crisis, which culminated in it losing a High Court basttle for compensation with the Equitable Members Action Group. The 21,000-strong army of investors blamed the government after they lost savings during the crisis.