No Change for 'Sustainable Future' Range
The team will continue to provide investment advice for the current SRI funds under an investment-advisory agreement. Each of the funds will be managed with the same investment objectives and same investment process.
It is intended that full Authorised Corporate Director responsibilities for the seven OEIC funds will transfer to Alliance Trust Investments in early 2013, subject to legal and regulatory approval. For the Luxembourg fund, Aviva Investors is considering the long-term future of the fund structure and will contact investors once any plans are in place and agreed with the Regulator.
The result of Aviva's strategic review
Paul Abberley, Interim Chief Executive Aviva Investors said: "This is a good outcome for our clients and also our business. The transfer of our SRI team to Alliance Trust Investments will facilitate a seamless transition of responsibilities and ensure consistency is maintained in the investment process.
"In January this year, Aviva Investors decided to focus its business on areas of existing competitive strength, which includes Fixed Income, Multi-Asset Solutions, Real Estate, and core Equities. As a result, the decision was taken that a new institutional home should be found for our dedicated SRI capabilities."
A 'Sustainable' Commitment from Alliance Trust
Ed Troughton, Managing Director of Alliance Trust Investments said: "Securing this highly respected SRI team led by Peter Michaelis underlines our future growth strategy of focusing on global equities and fixed income with an emphasis on specialist investment opportunities. It is also further evidence that we are rapidly carving out a reputation as one of the UK's leading specialist investment houses.
"The skill set of the SRI team perfectly complements our current approach in both global equities and fixed income. These three core parts of our business will now allow us to design tailored, specialist, investment solutions for our clients – both at the fund and segregated level. This announcement marks the next stage in our development and will help accelerate our path to profitability."
The SRI Advisory Committee, an independent committee of experts that provides additional oversight and advice on the funds, will also continue to work with the SRI team following the transfer to Alliance Trust Investments.