Asset Management

Phoenix to pull £20bn from Aberdeen as it brings more annuity assets in-house

UK-listed retirement and savings firm already oversees £5bn of its £39bn annuities portfolio internally

Aberdeen will remain a ‘key asset management strategic partner’ for Phoenix Group, despite the retirement and savings firm moving oversight for some of its assets in-house
Aberdeen will remain a ‘key asset management strategic partner’ for Phoenix Group, despite the retirement and savings firm moving oversight for some of its assets in-house Photo: Alamy Stock Photo

Phoenix Group, the UK-listed retirement and savings firm, is preparing to pull around £20bn from UK fund manager Aberdeen as it moves more of its annuity backing assets in house.

In its half-year results, announced on 8 September, Phoenix Group said it now oversees £5bn of its £39bn annuities portfolio internally. Using in-house asset management expertise, rather than external investment firms, is a way for it to reduce costs.

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