Threadneedle has confirmed its range of multi-manager funds will be handed over to Seven Investment Management (7IM) to merge with its funds.
The investment group took on the multi-manager funds from LV= Asset Management in 2011.
In a statement, Threadneedle said: “Multi-asset investing is a key part of our business and we have a long heritage in managing asset allocation solutions. However multi-manager funds need a specific skill set and dedicated resources.
“We believe that it is in the best of interest of these funds’ investors that they are managed by a specialist provider. Following an extensive search for a partner to take on the funds we believe 7IM provides the best fit in terms of investment approach and client service.”