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’s Munro: fund ‘bonfire’ will streamline business

Aviva’s Munro: fund ‘bonfire’ will streamline business

Euan Munro, chief executive of Aviva Investors, has committed to streamlining the group’s fund range to focus on its core products.

‘We were running far too many funds and we had made the business so complicated for ourselves,’ he said.

‘The control environment wasn’t in the right place, and it was massively inefficient. So we have already had a bonfire of funds and we will continue to press down on that.’

Most recently, Aviva closed its £82 million UK Absolute Return and £333 million Diversified Strategy funds.

Munro (pictured) said shutting such funds would ‘make our ability to focus on the outcome-orientated solutions all the easier’.

Aviva unveiled the first of these, the Multi-Strategy Target Return fund, at the start of July. It will be followed by an income-focused fund and an inflation strategy.

According to Munro, these funds will form a core part of Aviva’s new direct-to-consumer platform, which it expects to launch in 2015.

‘When people engage digitally, they do not want to see 1,000 funds. But when you look at the platforms that our industry has tended to put in front of people, that is exactly what we do,’ he said.

‘We are going to say, effectively, do you want a red one, a green one or a blue one? Are you chasing returns, are you wanting to beat inflation, or are you looking for an income?’ he added.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter