Clerical Medical Investment Group will take over the money management operations of Halifax Fund Management, effective in January. Both companies are part of the Halifax Group, London. Clerical Medical will manage the £4 billion ($5.7 billion) that HFM currently handles in internal money sources from the Halifax Group, said Martin Pluck, Clerical Medicals head of investment client services.
Clerical Medical currently has assets under management of £29 billion. HFMs 16 money managers will be offered jobs at Clerical Medical; HFMs back-office staff will be employed in other parts of the Halifax Group, said Halifax spokesman Ian Beggs.