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Fund manager expanding

Cumming returns north as Aviva seeks Edinburgh base

David CummingAviva is setting up a fund management operation in ­Edinburgh which is likely to see its top investor David Cumming return to the city.

Mr Cumming was head of equities at Standard Life Investments but quit just days after Standard Life announced its merger with Aberdeen Asset Management last year.

He was hired by Aviva Investors which manages around £352bn worth of assets on behalf of Britain’s biggest insurance company.

The firm is now building a team and the Telegraph reported that it is on the hunt for office space in Edinburgh.

Mr Cumming became Aviva’s chief investment officer in January, ending months of speculation over which ­asset manager he might join after leaving Standard Life.

He reports to Euan Munro, chief executive, who also worked at Standard Life Investors. Mr Cumming is responsible for leading Aviva Investors’ global equity teams which manage £69 billion of assets on behalf of Aviva and external clients.

The FTSE 100 company’s decision to expand into Edinburgh adds to an increasingly tense and shifting wealth management sector in the city.

Lloyds recently announced that it was withdrawing its Scottish Widows funds from Standard Life Aberdeen which has sold its life businesses to Phoenix.



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