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Alliance Trust and Aviva agree investment-advisory deal for GBP1.2bn SRI fund portfolio

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Aviva Investors and Alliance Trust Investments have entered into an investment-advisory agreement for Aviva Investors’ GBP1.2bn Sustainable and Responsible Investment (SRI) funds, to be implemented by 31 August 2012.



At the same time, the Aviva Investors SRI team, headed by Peter Michaelis, is moving to establish an SRI capability for Alliance Trust Investments. 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.

Paul Abberley (pictured), interim chief executive of Aviva Investors, says: “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.”

Ed Troughton, managing director of Alliance Trust Investments, says: “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 SRI Advisory Committee, an independent committee 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.

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