A strategic partnership has been announced between JP Morgan Asset Management (JPMAM) and UK-based life consolidator Utmost Life and Pensions, which was previously known as Reliance Life.
While not unique, the partnership is the largest of its kind for the US asset manager in the UK, an Utmost spokesperson told International Adviser.
The deal will see JPMAM appointed investment manager for the existing Utmost Life and Pensions unit-linked business, as well as the unit-linked funds arising as a result of the expected acquisition of Equitable Life.
Unlike its Isle of Man-based sister company Utmost Wealth Solutions, which is open architecture, Utmost Life and Pensions is focusing on one core manager to benefit from economies of scale, the spokesperson added.
Individuals and group schemes
The partnership will deliver “a wide range of funds and investment solutions” for the consolidator’s customers and advisers, the firm said.
“This will include a range of multi- and single asset investment funds to suit the needs of all our customers, whether they are individuals or group pension schemes,” said Stephen Shone, chief executive of Utmost Life and Pensions.
Paul Thompson, group chief executive of the Utmost Group of Companies, said the partnership “will develop a modern, professional and broad-ranging investment proposition” for the firm’s policyholders.
Utmost Life and Pensions focuses on the acquisition of books of life assurance business and looks after over 100,000 customers with $1.7bn ($2.2bn, €2bn) of assets under administration.
