As part of a global expansion strategy, insurance group Aviva has launched Aviva Investors, an integrated global asset management business.
Australian fund management company Portfolio Partners, and 10 other international asset management businesses owned by Aviva, will now operate under the one brand and manage $A488 billion.
The businesses now combined under the Aviva Investors brand were from Australia, France, Poland, Ireland, North America, Romania and the UK.
According to Aviva Investors chief executive Asia Pacific, Craig Bingham, the launch of the new business will mean greater global capabilities and the opportunity to share research.
"It made sense from an Australian perspective as we felt that going forward, it was important for us to bring new and diverse solutions to clients," Bingham said.
The launch of Aviva Investors means a greater concentration on the Asia-Pacific region.
"We have formed a view that we want to have asset management capabilities in China, India, Singapore and Australia," he said.
"We have joint venture partners in China and we are in the throes of establishing our footprint in India, and I have made my first hires in Singapore. The development of those centres will be the focus of the rest of 2008-09."
According to Bingham, the move was also part of a staff retention strategy.
"It will allow for staff to be mobile by creating the right environment locally, but keeping them if they want to move," he said.
Despite the market conditions, Aviva Investors will be looking to hire new portfolio managers and enhancing the business development area in the coming year.
