Aviva Investors has begun a redundancy consultation process with members of its equity team, with the firm’s chief investment officer for equities David Cumming having already left the business.
It is not specified how many roles are at risk, but FTAdviser understands one of the others impacted is Mikhail Zverev, the firm’s head of global equities.
The redundancies come as part of Aviva chief executive Amanda Blanc’s plans to shake up the business.
Cumming, who joined Aviva Investors in 2017, and Zverev, who joined in October 2018, both previously worked at Standard Life Investments alongside Euan Munro, who departed as Aviva Investors chief executive in January 2021, shortly after Blanc’s arrival as chief executive. He was replaced by Mark Versey.
The reason for the redundancies in the equity team is a desire to focus on a smaller number of asset classes where the company believes it has a competitive advantage.
A statement released by Aviva Investors to FTAdviser said: “Since taking over as CEO of Aviva Investors in January, Mark Versey has been clear on the need to focus on areas where we have a competitive edge and are winning business.
"In addition to our established position in real assets, credit, multi-asset and wealth and retirement solutions, this means drawing on our strength in responsible investing to build a market-leading sustainable outcomes franchise, including net-zero aligned propositions."
It added: "We have taken the decision to focus our equities business on sustainable outcomes and core strategies where there is clear client demand, namely UK and global equities, while retaining sufficient coverage to support our multi-asset strategies.
"We have full confidence that we can deliver strong investment performance for our clients and achieve further growth in these areas, including through future fund launches linked to the sustainable development goals.
"A number of roles have been put at risk in our equities team, and we have begun consultations with the impacted individuals. We are unable to provide further details while we go through the consultation process."