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

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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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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