Aviva Investors offloads SRI fund
Aviva Investors, which earlier this year said it planned to refocus its business on core strategies, has sold its £1.2bn sustainable and responsible investment funds to Alliance Trust Investments.
The team from Aviva will move to Alliance Trust to establish its first SRI capability and the seven funds they manage will transfer over in early 2013, according to a statement today. The investment objectives and processes of the funds will not change.
In January, Aviva Investors, which has £263bn in assets under management, chose to focus its business on areas of “existing competitive strength”, including fixed income, multi-asset solutions, real estate and core equities.
Paul Abberley, interim chief executive at Aviva Investors, said in a statement: “As a result, the decision was taken that a new institutional home should be found for our dedicated SRI capabilities.”
In February, Alain Dromer – who stepped down as chief executive of Aviva Investors in April – said while investors are keen that the manager maintain its sustainable investment focus, business was not backing that up. He said at the time: “These are themes that do not particularly generate any revenues. Funds under management in our SRI funds have been stagnant.”
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