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 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: The godfather of fund-of-hedge-funds on the sector's future

Profile: The godfather of fund-of-hedge-funds on the sector's future

When Dixon Boardman started 26 years ago ‘there were 600 hedge funds and only 100 had $100 million – it was not even a cottage industry,’

Wealth Manager on Twitter