Equitable Life signs outsourcing deal with
July 06, 2010 02:36 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Equitable Life is pleased to announce that it has appointed
BlackRock to provide investment and risk management services for its 400,000 policyholders and group
scheme members. BlackRock’s objective will be to maximise returns on £5.7 billion of assets while
satisfying Equitable Life’s regulatory solvency ratios. The appointment will become effective in October
BlackRock is one of the world’s leading investment managers with £2.2 trillion ($3.36 trillion) under
management. It has a well established track record of working in partnership with clients as an investment
and risk manager, with particular strengths in fixed income securities and managing and co-ordinating assets
for insurance companies.
This is a further significant step in recreating value for policyholders following the new third party
administration contract with HCL and the 5½% policy value increase earlier in 2010.
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, a great new partner by any standard.”
Kristen Dickey, head of BlackRock's Financial Institutions Group for its Global Client Group said:
"We are proud to work in partnership with Equitable Life. We believe that our experience in sterling fixed
income, in asset management for insurance companies, and in risk management will significantly support
Equitable Life’s strategy for policyholders."
Notes to editors:
1. BlackRock is a leader in investment management, risk management and advisory services for institutional
and retail clients worldwide. At March 31, 2010, BlackRock's AUM was $3.364 trillion (£2.2 trillion).
BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and
index strategies across markets and asset cl