Aviva Investors posts 'inadequate' profits once again

Aviva Investors has posted "inadequate profits" once again in the first half of 2015, down 22% from the figure for the same period last year, despite a slowdown in outflows.

The investment management arm of Aviva saw its profits drop to £32m from £41m in the same period last year, which the group attributed to the disposal of US equity manager River Road and higher expenses. Aviva Investors' expenses were up to £169m in the first six months of the year from £143m, mainly covering the costs of further development in the business. The latest results follow from disappointing figures for 2014, when the group also called the £79m profit for the investment arm "inadequate" relative to its assets under management. Reporting results for H1 2015, Mark Wilson (...