May 10, 2018 / 9:34 AM / a year ago

U.S. asset manager Vanguard joins British insurance body

LONDON (Reuters) - Vanguard Group, the world’s second biggest asset manager, is to join the Association of British Insurers, the trade body said on Thursday, as fund managers seek business in the growing retirement savings market.

Vanguard is becoming a member of the ABI’s new investment platform grouping, the ABI said in a statement, joining British platform Hargreaves Lansdown (HRGV.L).

A relaxation in pension rules in Britain has encouraged pensions savers to use their pension pots to invest in funds, rather than buying an annuity - which pays a fixed income for life - from an insurer.

Vanguard’s membership will “strengthen our voice, so we can do the best possible job of representing the industry to government and regulators,” Yvonne Braun, ABI director of policy, long-term savings and protection said.

Vanguard, which focuses on lower-cost index-tracking funds, has $5.1 trillion in assets under management.

Reporting by Carolyn Cohn; editing by Simon Jessop

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