Aviva Investors is to sell off US-based boutique investment firm River Road Asset Management as it continues to restructure.
Aviva will sell the Louisville-based institutional investment firm to Affiliated Managers Group.
Aviva acquired River Road in 2009 in a bid to expand its institutional business and expand its presence in the US.
The sale comes as Aviva Investors continues a restructure which began in 2012 with then chief executive Alain Dromer leaving the business.
At the end of last year the division was set to cut around 60 jobs.
River Road will remain the manager of Aviva Investors' US Equity Income funds.
Jason Windsor, Aviva Investors group chief strategy and development officer, said: ‘The transaction is in line with Aviva Investors' strategy of simplifying its business and moving towards an integrated operating model and organisational structure.
'A simpler, more focused business will help Aviva Investors become a stronger third party manager and increase its contribution to the group.’
Windsor added: ‘Aviva Investors is focused on becoming a fully-integrated asset manager offering products that deliver client outcomes with low volatility.
'A boutique US equity manager does not fit with this strategy. We look forward to a continued relationship with River Road.’