Liverpool Victoria AM set for UK institutional push

* Managing director touts ‘back to basics’ approach

* Aims to grow AuM to 25 billion pounds over 10 years

* Keeps watchful eye on fund acquisitions

By Raji Menon

LONDON, Oct 25 (BestGrowthStock) – Liverpool Victoria Asset
Management (LVAM), the fund arm of the mutual insurer, is
planning a major push into the UK institutional market next year
as it seeks to establish itself as a traditional UK fund firm.

LVAM Managing Director Ann Roughead said the firm was
betting on its credentials as a solid “no frills” investment
house to win over disenchanted investors burnt by sophisticated
investment products during the recent market crash.

Over a period of ten years, Roughead intends to more than
treble total assets under management (AuM) to 25 billion pounds
($39.24 billion).

She told Reuters: “Our proposition is that investment is not
sexy. We don’t believe in coming up with a new product idea
every week — our approach is the old fashioned, plain vanilla
way of doing things. Getting the basics right.

“Next year will be our big push into the wider UK
institutional market,” she said.

Roughead was hired in 2007 to launch Liverpool Victoria’s
asset management business to third parties. She joined from
Citigroup (C.N: ) where she was chief operating officer for
Citigroup Private Bank, and head of wealth advisory for Citi’s
wealth management business Smith Barney.

Broadly the firm offers equities, bonds and commercial
property, managed by an in-house team. Last year, the firm hired
Graham Ashby from Credit Suisse (CRP.N: ) to head UK equities.
Overall staff numbers have increased from 27 in 2007 to 70.

“When we came to the market in 2009, it was probably the
worst time for an asset manager to launch a business,” Roughead
said.

“But while our competitors worried about their products and
were focused internally, we were able to go out, and get
meetings with people that we would never have got in normal
circumstances.”

In 2008, the firm managed some 6.7 billion pounds ($10.52
billion) in assets all run on behalf of its parent. AuM have
grown to nearly 8 billion pounds, with third party retail assets
now comprising 6.3 per cent of total assets.

“We have a business model that could handle around 25
billion pounds. We are always on the lookout to acquire more
assets — we believe there will be more people looking to exit
their uneconomical assets both in the retail, and in the
institutional space within the next 12 months.”
($1=.6371 Pound)
(Editing by Sinead Cruise and Sharon Lindores)

Liverpool Victoria AM set for UK institutional push