The asset management arm of Aviva, Britain’s second largest insurer, plans to close its only U.S. office that is located in Chicago to focus on its locations in the U.K. and Canada.
Aviva Investors, which has £227 billion ($294 billion) in assets under management, will shut the office towards the end of the year to expand its high-yield, credit research and trading teams in London and Toronto, a spokesperson from Aviva confirmed in an email.
The company will seek to retain all Chicago-based employees up to the closure date to ensure a smooth transition for its clients, and 25 jobs will be affected, the spokesperson said.
Though Aviva remains committed to the North American region, the change is designed to strengthen its competitive position, the spokesperson added.
Aviva opened its first U.S. office in 1810 and exited its U.S. hedge funds-of-funds business in 2014.
