The funds that will move to BlackRock have been with Columbia Threadneedle for 12 years.

The transition will be phased over the next 12 months, subject to regulatory approval.

LV= said the move will help build on the success of its Smoothed Managed Fund range.

BlackRock was appointed following a tender process which was focused on building on the success of the fund range.

David Hynam, chief executive at LV=, said: “We are excited to closely partner with BlackRock and start leveraging their market insights, investment ideas and asset capabilities to benefit our members. Within our investment strategy, we expect to see the impact of their investment expertise within the first three months. More information will follow as we continue through the phases of our transition. 

“The decision to appoint BlackRock is one of several initiatives we have introduced to grow the market for SMF. We are also modernising access to the funds through new customer and adviser portals and launching a ‘Platform Services’ option, enabling financial advisers to access SMF alongside a large range of funds on platform technology. 

“I would like to thank Columbia Threadneedle Investments for their work in managing our funds. During their time as asset manager, the SMF range has demonstrated strong long-term performance and we are grateful for the support and good service they have provided.” 

Mr Hynam was appointed CEO of the provider in September. 

He was previously CEO of BUPA's UK and global markets business.

He replaced Mark Hartigan who stepped down as CEO after two years in an interim role. Mr Hartigan will leave the provider at the end of this month.

Mr Hartigan stepped down following an aborted takeover of the mutual by investment business Bain Capital.

LV= has suffered uncertainty over a series of botched takeover and merger plans.

At one point, Royal London and LV=, both mutual providers, discussed merging but this was later abandoned.