Aviva Investors to close four equity desks; cut 12% of workforce

Aviva Investors' London-based equity fund managers are at risk after the group said it is planning to cut 12% of its workforce globally in its latest shake-up.

The group said following a strategic review, it plans to close its London-based European, emerging markets, global, and sustainable and responsible investments (SRI) equity desks. The move comes as part of a wider cost-cutting strategy which will see 160 job losses globally. The business will continue to focus on fixed income, real estate and multi-asset funds, where it said it sees growth potential. It blamed the move on the economic downturn, which it said had led to a "reduced appetite for riskier assets such as equities, notably in Europe." It is not yet known which fund man...