Aviva Investors to manage European equities out of Paris
Aviva Investors could manage its £140m European equity fund out of Paris following a review that has seen the closure of four equity desks in London.
OBSR has suspended the rating on the Aviva Investors European equity fund until there is more clarity surrounding the future of fund manager John Botham.
Chief executive Alain Dromer says: “Our Paris-based European equities desk manages about €8bn, while we also have a London-based European team managing £2.5bn. This could be absorbed easily by the Paris team.”
Earlier today, sources close to the firm told Money Marketing that it was looking at managing European and emerging markets funds out of regional offices.
The firm is also set to sell off its sustainable and responsible investment team and funds to another organisation.
Aviva Investors 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.
A spokeswoman from Aviva says: “We are not exiting equities – we will retain a presence in regions where we have demonstrated an ability to generate alpha such as European equities, which we intend to run out of Paris. We intend to run UK equities out of London, Asian equities out of Singapore and US equities out of Kentucky.”