Aviva Investors closes Absolute TAA fund range
Aviva Investors is shutting its Absolute Tactical Asset Allocation fund range on 11 July as a result of sub-scale net asset value.
The two funds, the Absolute TAA, available in sterling and euro hedge class, and the Absolute TAA 5 fund, denominated in euros, aim to exploit a range of relative value opportunities to generate returns across equities, bonds, cash and currencies lowly correlated to traditional asset classes.
The £192m ATAA fund and the €14.5m ATAA 5 fund, launched in 2006 and 2007 respectively, are managed by Adrian Jarvis and Hassan Johaadien.
Jarvis and Johaadien will remain at the firm and continue with their other responsibilities, the group said.
Aviva Investors announced a restructure in January this year, shutting its European equities, emerging market, SRI and global equities desk and the loss of 160 jobs.
Chief executive of the UK funds business, John Clougherty, exited the firm in March, following the departure of head of European equities John Botham.
This article was first published on Investment Week