UK-based life assurer Legal & General has picked Deutsche Asset Management, JP Morgan Life Assurance, Newton Fund Managers and SG Asset Management as external managers for its stakeholder pension product.

L&G will also include its own active and passive styles within its stakeholder offerings. The life assurer, which is one of the UK's largest passive fund managers, believes that passive products should be at the core of the new low-cost pension arrangement, even though market volatility is giving strong active managers a decent chance of outperforming indices.