Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter