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View the article online at http://citywire.co.uk/wealth-manager/article/a748822

Aviva multi-asset closure paves way for Gars-like launch

by Eleanor Lawrie on May 01, 2014 at 10:06

Aviva multi-asset closure paves way for Gars-like launch

Aviva has closed its Diversified Assets fund as part of an ongoing rationalisation of its fund range.

The company signalled it is readying a new multi-asset absolute return proposition under chief executive Euan Munro (pictured), who was the architect of Standard Life’s popular Gars range. 

Managed by Bruno Serdoura and Hassan Johaadien, the £20.9 million Diversified Assets fund invested across a broad spectrum of asset classes, including equities, bonds, cash and property. It was part of the group’s managed funds range.  

‘The fund has not attracted a level of external investment that allows it to remain viable, and has limited opportunities to grow in size,’ an Aviva spokesperson said.

Elsewhere, Aviva is converting its £1.5 billion Property Trust into a property authorised investment fund (Paif) after recently closing its Property Investment fund.

Managed by Philip Nell, AIPT has returned 16.9% in the three years to the end of March, compared with 22.7% for the IPD UK Property Index.

‘We have looked into the benefits of converting the Aviva Investors Property Trust to a Paif, and engaged with the major fund platforms to establish their readiness for the triple-streaming required on such funds,’ Aviva said.

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