Aviva Investors is cutting about 6 percent of its employees including the head of credit investments before Chief Executive Officer Euan Munro starts in January, a person briefed on the matter said.
Mark Wauton, who headed credit investments, and Iyad Farah, who is in charge of quantitative-equity strategies, are among about 60 employees let go, said the person, who asked not to be identified as the departures haven’t been made public. The changes are part of wider job cuts announced by London-based parent Aviva Plc in April, the person said.
“Our objective is to significantly improve profitability,” Steve Ainger, a spokesman at Aviva Investors, said in e-mailed comments. “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.”
Aviva Plc CEO Mark Wilson, who succeeded Andrew Moss in January, is eliminating about 2,000 jobs and cutting costs to rebuild capital depleted by the financial crisis and shrink a 5.1 billion-pound ($8.2 billion) internal loan. He has replaced at least half of his senior managers, including the head of the investment unit.
Wilson hired Munro from competitor Standard Life Investments, where he helped set up its flagship Global Absolute Return Strategies Fund and saw its assets swell to 17.8 billion pounds. Munro succeeds John Misselbrook, who was appointed interim CEO in June.
Aviva Investors, which manages about $443 billion in assets, said yesterday that Kirill Pyshkin, who managed its Global Equity Income Fund, is also leaving the company and will be replaced by Richard Saldanha.
Neither Wauton nor Farah were available on their work phones when contacted by Bloomberg News today.