Schroders has 53 years' history running multi-asset solutions for insurers, so it's no surprise, perhaps, that 40% of its £185bn multi-asset AuM is for underwriters.

The manager is witnessing manager consolidation across unit-linked savings and insurance funds, with a single-manager approach benefitting clients through "input into SAA, more efficient implementation of tactical views, consolidated reporting, holistic risk management, a common approach to ESG, economies of scale for better pricing and, all in all, more of a partnership approach".

The firm's multi-asset team, comprising over 140 individuals globally, works with Schroders' insurance solutions specialists, who structure liability management of with-profit and other guarantees, giving a with-profits portfolio to be run by the multi-asset team in a capital-efficient way.

Schroders' thorough understanding of insurers' entire balance sheets, and flexibility in building customised segregated account portfolios, helps those customers.

In one instance, Schroders developed a bespoke pooled fund run by its multi-asset team for a UK closed-book consolidator that was consolidating its relationships with four managers, including for unit-linked, with-profits and non-profit mandates. Schroders aimed to meet policyholders' expectations efficiently, beat benchmark by active management and "generate operational and cost efficiencies" for its client.

Fewer individual fund holdings owned by the client, simplified administration and reporting, and lower costs were among the successful outcomes, now replicated for other insurance clients.