Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Aviva Investors closes multi-strategy funds following redemptions

Aviva Investors closes multi-strategy funds following redemptions

Aviva Investors is closing two funds which it said had become unviable to run after a large investor decided to redeem their investment.

The £82.2 million UK Absolute Return fund, run by Trevor Green, has lost 3.3% in three years to the end of April, while the £333 million Diversified Strategy fund run by Peter Fitzgerald and Bruno Serdoura has gained 2% in the same time period, compared with 17% for the IMA Mixed Investment 20-60% shares sector. Both will close next month.

'The Aviva Investors UK Absolute Return fund and the Aviva Investors Diversified Strategy fund are set to close in July. We believe the decision is in the best interests of investors,' a spokesperson said.  

'The largest investor in each fund is withdrawing, which will make the funds too small to be run effectively without increasing costs for the remaining investors and therefore impacting on their returns.'

'Clients have been informed and we are offering them the option to switch into another Aviva Investors fund free of charge, or they can choose to redeem their investment.'

Closing these funds will pave the way for the group to launch a Gars-style absolute return offering later in the year. 

The firm appointed Euan Munro (pictured) , architect of the Standard Life Investments' Global Absolute Return Strategy, as chief executive in January.

Last week it announced the appointment of another senior SLI fund manager, Ian Pizer, to its multi-asset team

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Related Fund Managers

Peter Fitzgerald
Peter Fitzgerald
48/105 in Mixed Assets - Aggressive GBP (Performance over 3 years) Average Total Return: 34.44%
Trevor Green
Trevor Green
30/58 in Equity - UK Smaller Companies (Performance over 1 year) Average Total Return: -2.65%
Bruno Serdoura
Bruno Serdoura
Citywire TV
Citywire TV
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter