Zurich Insurance has appointed BlackRock to manage a proportion of its £15 billion (US$24.6 billion) unit-linked managed funds on a passive basis, taking 20% of the mandate from Threadneedle.

According to Zurich, The majority of funds will continue to be managed by Threadneedle Investments, who remain its primary asset manager in the UK and a key strategic partner.

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Zurich said that it is expecting to reduce the funds’ exposure to risk in terms of volatility and to improve manager diversification.

Vince Rennie, chief investment officer of Zurich UK Life, said: "We are very pleased with the long-term performance of our funds and we believe these changes will strengthen our ability to deliver sustainable and competitive returns for our customers.

"We look forward to working with BlackRock, continuing to work with Threadneedle and also progressing a number of exciting new developments with them to launch."

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