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Fund managers out

Cumming leaves Aviva Investors in staff cull

David Cumming

David Cumming: departed

Top fund manager David Cumming is one a number of senior figures leaving Aviva Investors in what is believed to be a cost-cutting exercise.

Aviva Investors, a division of FTSE 100 insurance group Aviva, is reportedly shedding ten equity managers.

Mr Cumming, a former senior fund manager at Standard Life Investments, is believed to have left his role as chief investment officer for equities. Mikhail Zverev, head of global equities, is another likely to go, according to the Mail on Sunday.

The cutbacks follow the emergence of stakebuilding in the company by Cevian Capital, Europe’s largest activist investor.

It was revealed last week that it has built a 5% holding, putting further pressure on chief executive Amanda Blanc who has already announced a series of disposals.

Cevian said it wants bigger cost cuts and the return of £5 billion to shareholders. 

Cuts proposed at Aviva Investors will leave it with 25 fund managers. It has suffered a number of departures including chief executive Euan Munro who left in January and was replaced by Mark Versey.



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