Aviva Investors SRI unit to be replaced by global team
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.
Fundweb revealed this morning that the SRI team, which runs £1.1 billion of assets, was hoping to be sold off.
A letter from Paul Abberley, chief executive of Aviva Investors, seen by Money Marketing, Fundweb’s sister publication, 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. (article continues below)
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 Steve Waygood, head of sustainability research and engagement, in the role of chief responsible investment officer, advised by Anita Skipper, corporate governance director, 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 lead on responsible investment issues relevant to their own asset class and product range.
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