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.’
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.