British insurer Aviva to shut $2 billion fund of hedge funds unit
Reuters
Published Nov 26, 2014 04:51AM ET
British insurer Aviva to shut $2 billion fund of hedge funds unit
LONDON (Reuters) - Aviva (L:AV) will shut its unit that invests in external hedge funds, the British insurer said on Wednesday, part of a global trend that's seeing so-called "fund of hedge funds" closing shop or merging with others as clients cut the middleman.
The U.S.-based unit manages about $2 billion.
"Following a comprehensive review of our business, we have decided to exit the business of investing in third party hedge funds," a spokeswoman for Aviva, said in a statement.
"We are working with our affiliates and the underlying hedge fund managers on an orderly transition plan," she added.
(Reporting by Nishant Kumar and Carolyn Cohn; editing by Freya Berry)
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