Norwich Union, an insurance division of the UK's largest insurer Aviva, is to launch a new investment management service in conjunction with Aon Asset Management. The new offering will provide Norwich Union customers access to the skills of leading fund managers, selected by Aon, to enhance the performance of their investments.

Norwich Union has appointed Aon to select the underlying managers, track their performance and change them when necessary. Norwich Union’s partner, Morley, will be responsible for determining asset allocation across the range of funds.

Under the Norwich Union manager of managers scheme, the range of funds available will comprise income, cautious, balanced and growth funds, and will be available across the well known insurer’s OEIC, ISA and life products. The funds will be launched on May 23.

Simon Quick, director of product strategy at Norwich Union, said: Launching manager of managers funds is a key part of our strategy to continually evolve and enhance our investment products and bring some of the world’s best investment managers within easy reach of investors. Norwich Union’s funds will appeal to customers who are looking for durable, one-stop investments that hold a wide range of assets backed up by strong research and monitoring teams.

Adrian Swales, managing director of Aon Asset Management, added: Norwich Union has recognized how our expertise could benefit existing and new life and investment customers through our management of their funds. Our partnership means that individuals and smaller business clients can now access the same investment opportunities that were previously only available to the larger corporates.