Aviva Investors’ sustainable and responsible investment team and £1.1bn fund range are set to be sold off as part of the firm’s move to reduce its retail presence.
The firm announced a 12 per cent staff cut this week, amounting to 160 jobs, with its London-based European, emerging markets, global and SRI equity desks closing.
An email from the SRI team to IFAs, seen by Money Marketing, suggests the team of 10, led by head of SRI Peter Michaelis, intends to continue running its funds for a different institution. It is understood some European and emerging markets funds may continue to be run from other locations.
Money Marketing understands the UK retail sales team may be hit by the cuts although this would not be confirmed by Aviva.
The firm will stay active in the fixed income, real estate and multi-asset sectors.
Whitechurch Securities managing director Gavin Haynes says: “SRI is a niche area but is growing in importance and this would be an attractive proposition for other firms.”
An Aviva Investors spokeswoman says: “In terms of UK retail, it is business as usual. One proposal is to move out of SRI funds. If we do so, our preference would be to find a new institutional home for them.”