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Alliance Trust acquires Aviva Investors’ £1.2bn SRI business


Alliance Trust has entered into an investment advisory agreement for Aviva Investors’ £1.2bn sustainable and responsible investment range.

The deal is set to conclude on 31 August and will see the Aviva SRI team, which is headed by Peter Michaelis, move to Alliance Trust.

The team will continue to provide investment advice for Aviva’s eight SRI funds under an investment advisory agreement. There will be no change to the investment objectives and process of the funds.

The authorised corporate director responsibilities for the eight funds will transfer to Alliance Trust early next year. Aviva is considering the future of its Luxembourg fund range and will contact investors once any plans are in place with the regulator.

In February, Money Marketing revealed Aviva’s plans to sell its SRI business as part of a move to reduce its retail presence. The firm announced plans to cut 160 jobs in January with its London-based European, emerging markets, global and SRI desks being affected.

Aviva Investors interim chief executive Paul Abberley says: “The transfer of our SRI team to Alliance Trust Investments will facilitate a seamless transition of responsibilities and ensure consistency is maintained in the investment process.

Alliance Trust managing director Ed Troughton says: “Securing this highly respected SRI team underlines our future growth strategy of focusing on global equities and fixed income with an emphasis on specialist investment opportunities.”

Holden & Partners managing partner Mark Hoskin says: “It looks like Alliance Trust is committing to sustainability which is really positive.”

Last week, Alliance Trust announced its half-year results. The trust has made a total return of 5.5 per cent in the six months to 30 June, compared to a 5.3 per cent return in the Global Growth sector index. The trust is ranked 13/33 in the Global Growth peer group over six months.


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