Aviva Investors has confirmed it is set to axe its SRI team and plans to replace them with a global team that looks at responsible investment across its fund range.
Money Marketing revealed this morning that the SRI team, which run £1.1bn of assets, were hoping to be sold off.
A letter from Aviva Investors chief executive Paul Abberley, seen by Money Marketing, confirms the firm is planning to move out of sustainable and responsible investment.
Abberley said: “We are looking for a new institutional home for the funds, the clients and the majority of the team.”
The letter says that as a result of the closure of the four equity desks in London, there will also be cut backs in corporate governance. Individuals in both the corporate governance and SRI teams have been informed they are at risk of redundancy.
The firm is creating a global responsible investment team that will cover environmental, social and governance issues across the mainstream assets under management.
It will be headed by head of sustainability research and engagement Steve Waygood in the role of chief responsible investment officer, advised by corporate governance director Anita Skipper who will support corporate governance strategy and policy. The team will include a further four members from the existing SRI and corporate governance teams.
The team will also have a network of responsible investment officers that will head lead responsible investment issues relevant to their own asset class and product range.