Aviva Investors exits Absolute Return sector after IMA review

Aviva Investors has opted to pull its absolute return fund out of the Investment Management Association's (IMA) Absolute Return sector, after the category was renamed earlier this year.

After a lengthy review, the IMA renamed and redefined the Absolute Return sector as Targeted Absolute Return earlier this year, amid criticisms that many funds did not achieve a positive return and could therefore be confusing consumers. Under the new definitions all funds in the sector must, at minimum, target positive returns in any market conditions. The new rules were introduced in early 2013, but having had time to adapt to the changes, Aviva Investors has now become one of the first funds to exit the sector. It has moved its £76m UK Absolute Return fund into the IMA Specialis...