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.