As a result, the current director of UK collective investments – effectively the chief executive – John Clougherty, is to leave the business. He is currently on gardening leave with his leaving date still to be confirmed.
A spokesman commented: “We have had a slight reorganisation of internal functions within the UK life business and Clougherty’s role will be changing as a result.”
He was at pains to confirm that: “Aviva Investors is now and will continue to be run as a separate standalone business.”
While they recruit for a replacement, his role and responsibilities will be taken on by Aviva Investor UK’s chief operating officer, Tim Orton, who is currently one of Clougherty’s direct reports. Orton will report to Andy Curran, director of savings and investments at Aviva UK Life whereas Clougherty’s reporting line was straight into Graham Boffey, the Aviva UK Life distribution director.
This is the latest in a series of personnel and structural changes at Aviva Investors that include a stated aim of scaling back distribution to retail investors. At least one senior fund selector, who did not wish to be named, suggested Clougherty’s decision is because of their shift away from the retail space.
It was announced last week that three European equity fund managers, including John Botham, head of European equities, will be leaving the firm, the result of a previous strategic review that could see as many as 160 job losses.
