Financial Services Industry
Industry: Email Alert RSS FeedEq Life picks Pru in sell off deal.
Financial Adviser, October, 2007
Equitable Life, once Britain's most contentious mutual, has moved to offload its AGBP1.7bn with profits annuities to Prudential in a transfer said to be the first of its kind.
Pru succeeded in bidding for the fund transfer which, if given the go-ahead from voting members at an extraordinary general meeting on 26 October, is expected to boost policyholder returns due to the actively-managed approach of the asset manager.
Charles Thomson, chief executive of Equitable Life, said: "The Prudential offer was significantly better than any other and it was not the only offer. Prudential was another major seller of with profits annuities and that makes it the natural home for Equitable Life's with profits annuity fund.
"It is a strong company that...
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