Aviva confirms plans to “scale back” retail investment business
Aviva Investors has confirmed that it is to scale back distribution to retail investors, targeting the market through parent Aviva and its network of banks, insurers and brokers.
In its full-year results for 2011, Aviva announced it would streamline the Aviva Investors business and concentrate on “core strengths” in fixed income, real estate and multi-asset products with sales and marketing focused on the institutional markets.
The asset manager arm of Aviva, revealed operating profits had fallen by 9% to £91m during 2011, while funds under management grew by 1% to £263 billion, from £260 billion in 2010. (article continues below)
Aviva Investors was forced to reassure the retail investment market in January that it had no plans on exiting, after earlier suggesting that it would be axing 160 staff as part of the streamlining process.