SIG drops Aviva mandate over restructuring fears

Skandia Investment Group (SIG) has removed Aviva Investors' Julius Lipner from its UK Strategic Best Ideas fund, amid uncertainty over the group's retail future.

Lee Freeman-Shor, who heads up the fund, said the strategic review being carried out by Aviva Investors into its active management products has created too much ambiguity for investors. Lipner's £7m mandate will be equally reallocated to the fund's other six managers, which include Henderson's Paul Casson, BlackRock's Mark Lyttleton and Colin McLean of SVM. As reported last week by Investment Week staff at Aviva Investors face a wait of up to 90 days before more clarity is given on jobs, following the announcement by the group that it plans to scrap four equity desks in London. Avi...