Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Aviva set for £349m windfall on JV sale

Aviva set for £349m windfall on JV sale

Aviva is in line for a £349 million boost as it looks to continue its drive to streamline its operations.

The insurer is today expected to sign a deal to sell its Malaysian joint venture to Sun Life Financial and the Malaysian sovereign wealth fund, marking the latest in a string of agreements designed to simplify Aviva's business and concentrate its focus.

Recent months have seen speculation about the sale of Aviva's US arm, which eventually resulted in a £1 billion windfall for the group, along with a £300 million deal to offload its Delta Lloyd holding.

Aviva Investors, the firm's fund management arm, has also undergone significant change.  Last year it announced a raft of job cuts, with 160 posts axed globally as Aviva said it would pull back from the retail funds market.

After netting $566 million via the sale of its Delta Lloyd stake, Aviva will scoop 1.7 ringgit  (around £349 million) from its Malaysian sale, according to the Times.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: a Williams de Broe vet on striking out from Investec

Profile: a Williams de Broe vet on striking out from Investec

Laurence Boyle and his team became ‘somewhat of an oddity’ within Investec after joining via its acquisition of Williams de Broë

Wealth Manager on Twitter