Investment, protection and retirement specialist LV= has completed its transition of asset management services to BlackRock from previous fund manager Columbia Threadneedle Investments.

BlackRock was announced as LV’s new primary asset manager a year ago after a tender process.

The change means BlackRock has now taken responsibility for the tactical asset allocation and active portfolio management of LV= smoothed managed funds as well as all other with profits business.

The transition to BlackRock is part of a wider business strategy to broaden LV’s distribution and investment capability, the company said. 

The funds that have moved to BlackRock had been with Columbia Threadneedle for more than 12 years.

LV= has also reviewed the strategic asset allocation of its SMF range, leveraging BlackRock’s investment insights to continue to build active and more resilient portfolios. The in-house investment team will continue to set the investment strategy, where active management continues to be the dominant investment philosophy, with the support of BlackRock to build on the success of smoothed managed funds.

LV= chief executive David Hynam said: “Completing our transition to BlackRock is an important milestone for LV=. As the largest asset manager in the world, BlackRock’s innovative approach to investing will ensure good value for our members and customers."

BlackRock head of UK Sarah Melvin, said: “LV= is a strong British brand with an incredible success story and the sophistication of its in-house investment team, focus on member benefits and uniqueness of the smoothed managed funds makes for an exciting proposition.” 

To mark the change there will be a nationwide series of events for Financial Planners and advisers from 14 May to 27 June exploring how regulatory change and behavioural insights are creating the need for a more human approach to Financial Planning in retirement.

LV= has suffered uncertainty over a series of botched takeover and merger plans in recent years with, at one point, Royal London and LV=, both mutual providers, discussing merging but later abandoning their plans.

David Hynam, formerly CEO of BUPA's UK and global markets business, was appointed CEO of the provider in September 2022, replacing Mark Hartigan who stepped down as CEO following an aborted takeover of the mutual by investment business Bain Capital.