Aviva Investors’ recently appointed multi-managers Ian Aylward and Peter Fitzgerald have overhauled the group’s fund-of-funds (FoFs) portfolios, Financial Times reports. The managers started handling Aviva’s £410 million range of three FoFs on August 1, which were previously outsourced to FundQuest.
The managers are reducing the range’s weighting in active funds and will now focus more on passives, including ETFs from iShares. In U.K. equities, the duo has exited Bill Mott’s £400 million PSigma Income fund and reassigned the money to a segregated mandate run by Investec’s Alastair Mundy. On the European equity side, the managers have bought into Crispin Odey’s European Income fund, while in U.S. equities they have added passive exposure.
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