London: Aviva, Britain’s biggest insurer, unveiled plans on Thursday to build a global asset management business with 316 billion pounds ($626.5 billion) of funds under management.
The firm, known as Aviva Investors, will weld together the disparate asset management businesses Aviva owns across the world, including Morley in the UK, Hibernian Investment Managers in Ireland and Portfolio Partners in Australia.
“Aviva Investors is all about capitalising on the strength of being part of the world’s fifth-largest insurance group,” said Alain Dromer, Aviva Investors’ Global Chief Executive.
By integrating the businesses into a single global operation Aviva hopes to “significantly increase asset management’s contribution to Aviva plc profit over the next five years.”
It announced that Craig Bingham, formerly head of Portfolio Partners, has been appointed head of the Asia Pacific operation, Greg Boal has been made CEO of its North American arm and Siobhan Boylan, currently Morley’s CFO, has been appointed CFO of the global group.
Dromer will have control of the UK arm, with the London-based equity and fixed income teams reporting directly to him, as well as temporary oversight of its European division.
Nick Alford, Morley’s Chief Operating Officer, is to leave the company, it said.