LV= Asset Management, the fund management arm of the UK-based mutual insurance and investment group Liverpool Victoria, has entered exclusive talks with Threadneedle with a view to handing over its retail fund range, Citywire reports.

LV= put its fund management arm up for sale in April; it is anticipated that a final decision on the Threadneedle deal will come at the start of August.

The firm’s chief executive, Mike Rogers, has said that the LV= board is considering outsourcing asset management so that it can focus on its general insurance, protection and retirement planning business lines.

LV= has seen a raft of high level departures over recent months, notably that of Tom Caddick, former head of the multi-manager team, who jumped ship to take up the same role at Santander Asset Management.

LV= had not responded to enquiries from WealthBriefing on the matter at the time of publication.