Aviva Investors

Managers stand firm as panic-selling continues

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Holders of Aviva Investors' £159m Asia Pacific Property fund face a 12-24 month wait to exit after the firm suspended the fund due to large investors' plans to redeem their positions.

Aviva Investors has moved its Property trust from offer to bid pricing after experiencing a period of net outflows for the product.

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Aviva has said it expects its acquisition of rival Friends Life to generate extra revenue of £600m over the next two years, including and cost savings for the company of £225m.

Ian Aylward has cut Aviva Investors' multi-manager exposure to US equities to an underweight position for the first time since 2011, fearing the stocks are deeply over valued.

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Aviva Investors has promoted David Lis to chief investment officer for equities and multi-asset as new chief executive Euan Munro continues to make changes at the group.

Aviva UK has reported a 21% drop in the value of new life business it wrote in the first half of the year, mainly due to a steep fall in annuity business.