Aviva Investors sees profits tumble 9%

Operating profits at Aviva Investors have tumbled 9% ahead of a planned scale back in distribution to retail investors.

Reporting its full year numbers for 2011, the investment management arm of the insurer said it saw operating profits worldwide fall to £91m. It also confirmed plans, first announced in January, to scale back distribution to retail investors, although it will continue to offer investment products in the UK. The move will lead to a number of job cuts, it said, mostly in London. Across the wider business Aviva UK rose 8% to £1.45bn in 2011, thanks largely to a boost in new sales in its life and pensions division. New sales of life and pensions products increased 10% to £11.3bn last...