Aviva Investors has clarified its position regarding the intermediary market, after its snap announcement on Monday that it was planning a that would lead to the axing of around 160 jobs worldwide.
Aviva Investors said it is not withdrawing from the UK retail market entirely, after revealing yesterday it would be cutting 12% of its workforce with the majority of cuts in London.
A spokesperson for the firm said: ‘Aviva Investors remains committed to supporting and aligning its investment management activities to the needs of Aviva Group Companies and in particular UK retail.
‘While Aviva Investors proposes to shift emphasis of its external market engagement to focus on institutional clients it will continue to provide investment management support to meet the needs of Aviva’s UK retail funds such as Oeics, life and pension funds.’
In its initial announcement, Aviva Investors said it will be focusing on fixed income, real estate and multi-asset solutions, while concentrating its sales and marketing forces on its institutional business.
The cuts and refocus are part of a move to streamline the business to bolster its competitive edge amid the economic downturn.
The move follows the conclusion of a comprehensive business review fronted by Aviva Investors CEO Alain Dromer, and endorsed by the Aviva Group board, to focus on ‘core areas of strength.’