Aviva Investors has put a number of roles within its equities team at risk of layoffs, following a decision to focus on areas where the firm has a "competitive edge" and is "winning business."
A statement provided by a spokesman said the manager had mutually agreed with David Cumming, CIO equities and head of U.K. equities, that he will leave the firm to pursue other opportunities. A number of other roles have also been put at risk, with the firm launching consultation periods with those impacted. Further details were not disclosed.
The firm's equities business has £30.6 billion ($43.1 billion) in assets under management.
Mark Versey, who became CEO in January, has been clear since starting "on the need to focus on areas where we have a competitive edge and are winning business," the statement said. That means drawing on strength in the firm's real assets, credit, multiasset and wealth and retirement solutions units, and also focusing on responsible investment.
As such, Aviva Investors' equities business will now focus on sustainable outcomes and core strategies where there is clear client demand: U.K. and global equities, the statement said. The firm will also retain sufficient equities coverage to support its multiasset strategies.
Aviva Investors had £365 billion in assets under management as of Dec. 31.
