Royal Liver, the UK life assurance firm, has picked State Street Global Advisors (SSgA) to run a £850m (€1.3bn) passive balanced mandate in a move that marks an exit from managing its own assets.

Royal Liver is outsourcing all of its fund activities because of the retirement of George Winslow, finance director. State Street Corporation, parent of SSgA, its fund management arm, will act as transition manager on the outsourcing of Royal Liver's total assets worth £2.5bn. It is unclear which other managers have been awarded mandates. Watson Wyatt Worldwide, the investment consultant has been advising Royal Liver.