Aviva

Aviva has issued redress to customers after a money market fund which it said would protect capital fell into the red, according to the reports.

Friends Life was the biggest riser in the FTSE 100 index this morning, while Aviva was the largest faller after plans for a merger between the two companies were announced on Friday.

As flows into traditional property investments have accelerated this year, fund buyers have been looking outside traditional assets to more esoteric investment options.

Clive Cowdery, the former head of Resolution and major shareholder at Friends Life, is set to walk away with £160m from the £5.6bn takeover deal announced on Friday.

Aviva has confirmed it is aiming to buy rival insurer Friends Life in a deal worth £5.6bn.

Aviva Investors Multi-Strategy Target Return

The insurance sector has come under the spotlight this week after Friday's revelation Aviva was seeking a merger with Friends Life in a deal worth £5.6bn.

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