Aviva Investors to cut 60 jobs ahead of new chief’s arrival

Aviva Investors plans to cut 60 jobs - roughly 6 per cent of its workforce - before new chief executive Euan Munro arrives in January.

A spokesperson for the company said it was seeking to “build a more vibrant business and lay the groundwork” for Mr Munro.

He is joining from Standard Life Investments where he masterminded the creation of the successful Global Absolute Return Strategies fund.

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The spokesperson added: “At the heart of this will be a focus on offering investment propositions which deliver income with low volatility. Our key objective is to significantly improve profitability by focusing on capabilities and propositions that build on our heritage in managing long-term savings.

“To achieve this, there are certain changes we need to make to our products and structure. In light of this, we have had to give the difficult message to some of our colleagues that they will be leaving the business and we have spoken to those affected.”

Mr Munro is the permanent replacement for Alain Dromer, who left in April 2012 as part of a major overhaul at parent company Aviva.

The restructure at Aviva led to the announcement in April this year of up to 2,000 job cuts across the UK, Europe and Asia. This included making 120 advisers redundant and exiting markets that were not profitable.