Member Article

Aviva Investors to shed 160 jobs in shake-up

Aviva Investors are to cut around 160 jobs as part of a ‘streamlining exercise’ it has been announced.

The company are looking to focus on its strengths in key asset classes, following a review led by CEO Alain Dromer, which was endorsed by the Aviva Group Board.

Concentrating on fixed income, real estate and multi-asset solutions activity, the firm will build on growth potential and their existing competitive position in these areas.

The forthcoming jobs cuts, the majority of which will be in London, represent roughly 12% of the Aviva Investors’ global workforce.

In a statement, the company have said they will manage the process ‘sensitively,’ looking to minimise the impact on those affected through redeployment, among other measures.

Mr Dromer said: “Over the three and a half years since Aviva Investors was created we have taken great steps forward and we are continuing to make strong progress to increase net external sales.

“The Business Review concluded that our strategy is broadly right but, faced with a tougher external environment and at the same time wanting to continue to invest for the future success of the business, we propose to reduce our cost base by focusing on our main strengths: fixed income, real estate and multi-asset solutions for institutional clients.

“We continue to enjoy a close and mutually reinforcing relationship with our Aviva parent, which is supportive of the proposals we are announcing today.

“The changes we are proposing will deliver a stronger, leaner and more focused business, at the heart of which is a firm commitment to meeting our clients’ needs.”

The company also cited the economic downturn as a factor in changing client behaviour across the asset management sector.

This was posted in Bdaily's Members' News section by Tom Keighley .