Aviva Investors Lines Up More Job Cuts as Equities Chief Exits -- Financial News
By David Ricketts
Of Financial News
Aviva Investors has begun redundancy consultations with fund
managers across its equities division as the 365 billion-pound
($514.87 billion) investment houses focuses more attention on areas
where it has "a competitive edge."
David Cumming, one of the City's best-known fund managers and
chief investment officer for the equities team at Aviva Investors,
is among the first casualties.
The asset manager said in a statement that the veteran investor
is leaving "to pursue other opportunities."
Mr. Cumming joined Aviva Investors in 2018, having been poached
by then Aviva Investors Chief Executive Euan Munro, who was also a
former colleague at Standard Life Investments.
Mr. Cumming's appointment coincided with Aviva Investors opening
a new office in Edinburgh, which acts as its second U.K. hub
outside of London.
His departure was first reported by The Mail on Sunday. Among
other high profile fund managers believed to be at risk from job
cuts is Mikhail Zverev, who heads up global equities at Aviva
"Since taking over as CEO of Aviva Investors in January, Mark
Versey has been clear on the need to focus on areas where we have a
competitive edge and are winning business," said an Aviva Investors
Aviva Investors will focus on building its position in real
assets, credit, multi-asset and wealth and retirement solutions, as
well as responsible investing "to build a market-leading
sustainable outcomes franchise, including net-zero aligned
propositions," the spokesperson added.
"We have taken the decision to focus our equities business on
sustainable outcomes and core strategies where there is clear
client demand, namely U.K. and global equities, while retaining
sufficient coverage to support our multi-asset strategies," they
"A number of roles have been put at risk in our equities team,
and we have begun consultations with the impacted individuals. We
are unable to provide further details while we go through the
The redundancy consultations come a week after it emerged that
activist investor Cevian Group had built a 5% stake in Aviva
Investors' listed insurance parent Aviva, calling on it to cut
costs and return GBP5 billion of excess capital to
(END) Dow Jones Newswires
June 14, 2021 08:37 ET (12:37 GMT)
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