Aviva Investors has proposed the closure of its Global Listed Real Estate Securities business, including the Global REIT fund run by Paul Van De Vaart, as it has "insufficient scale".
The group has placed all funds in the business under review, according to a note to clients, and said it is likely that desks in New York and London will be closed. However, Aviva also said it was re-focusing...
Zero-tolerance approach to ailing companies
There are some long-standing practices in the asset management industry which are clearly ripe for review. However, removing past performance data from key funds documents appears a dangerous step and one likely to create worse outcomes for consumers.
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