The new business has an initial £316bn of funds under management and the senior executive team will be led by global CEO Alain Dromer.
The team is to be drawn from Aviva asset management firms worldwide and externally.
This team will focus on a range of products including quantitative, index, convertibles, asset allocation and structured products.
Small local autonomous teams will concentrate on generating high outperformance through active portfolio management.
Property will be managed as a separate global entity.
The new business aims to significantly increase asset management’s contribution to Aviva profit over the next five years.
Aviva Investors will operate under a single brand with more than 1,300 employees in 15 countries across Europe, the UK, North America and Asia.
Aviva Investors will include businesses in the UK – Morley Fund Management, North America, France, Australia, Poland, Ireland, Spain and Romania.
In terms of funds, from 1 April, the Luxembourg-domiciled Aviva Morley SICAV will be re-branded as the Aviva Investors SICAV and this will be the primary vehicle through which Aviva Investors distributes funds globally.
Aviva Investors also plans to launch new funds managed in Australia, the US and Ireland.
Aviva Investors global chief executive officer Alain Dromer said: “Aviva Investors is all about capitalising on the strength of being part of the world’s fifth-largest insurance group. Today, we have a powerful starting point. In the future, we can broaden the range of our existing capabilities and invest to accelerate our growth.”
Aviva group chief executive Andrew Moss said: “Aviva Investors is the third pillar of Aviva’s composite model of long-term savings, general insurance and asset management. Over the past six months, Alain Dromer and his team have worked at pace to put together a strategy that builds on our existing, considerable strengths. Aviva Investors represents a new approach to asset management for Aviva and will be a global business with an exciting future.”