Aviva’s chief executive Mark Wilson has admitted outflows from its asset management business were still “too high” in a statement to the stock market this morning.
The insurance firm’s interim management statement for the third quarter revealed there had been a net outflow of £500m of third-party assets from subsidary Aviva Investors.
Mr Wilson said the gross outflows of £4.5bn seen in the three month-period were “too high” but said it had been partially offset by the £4bn of new money moving into “higher margin” products.
In particular, Mr Wilson highlighted the success of the Aviva Investors Multi-Strategy (Aims) range of funds, which now have £1.9bn in assets under management.
The Aims range of multi-asset products have become the focus of Aviva’s drive to turn around its asset management division under the leadership of Euan Munro.
The first fund in the range, Aviva Investors Multi Strategy Target Return was only launched in July 2014, with a further fund, Investors Multi Strategy Target Income, launched in December 2014.
A further fund, Aviva Investors Multi-Strategy Target Inflation, is expected to be launched in the future, and Mr Wilson said he expected the flow of money into the range to continue.