UK banking group Abbey is outsourcing its entire in-house investment management capability, currently run within its Abbey National Asset Managers subsidiary.The unit has some [pounds sterling]29 billion under management, and the bank has engaged State Street Global Advisors to assist it in the transition process to set up an outsourced multi-manager structure. State Street is expected to become one of the multi-managers, along with others yet to be chosen.
Abbey's move is expected to result in about 60 redundancies at the Glasgow headquarters of Abbey National Asset Managers.
The move comes as the bank is in the throes of a group-wide programme aimed at refocusing its operations solely on its retail financial services roots