Equitable Life has awarded BlackRock an outsourcing contract to provide investment and risk management services for 400,000 investors.

BlackRock have been tasked with maximising returns of £5.7bn of assets, while satisfying the life assurer’s solvency requirements.
 
Chris Wiscarson, chief executive of Equitable Life, said BlackRock would take up its new responsibilities from October 2010.
 
He 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.”

Rich Kushel, vice chairman at BlackRock, said the firm was “proud” to be working in partnership with the embattled life assurer.
 
He said: “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."