UK - BlackRock Investment Management will transfer two real estate funds of funds worth £54.8m (US$90.4m) and €62.6m (US$93m) to Aviva Investors Global Services after the fund manager left the firm for Aviva.
In a joint statement, the two companies said the transfer of the funds would "help maintain continuity for unitholders", after John Gellatly - who managed the funds at BlackRock - joined Aviva Investors in September 2009.
BlackRock European Property Fund of Funds will become Aviva Investors European Real Estate Fund of Funds and BlackRock UK Property Fund of Funds will become Aviva Investors UK Real Estate Fund of Funds.
The Aviva Investors Real Estate Multi Manager team (REMM) will manage the two funds - which are respectively domiciled in Luxembourg and Jersey.
Aviva Investors global head of REMM Nick Mansley said: "The hiring of John Gellatly, who has extensive experience of the indirect real estate markets and particular knowledge of these funds, prompted the decision to bring them onboard.
"The addition of the funds is consistent with our overall plans to expand the business to offer clients pooled solutions alongside the existing segregated account service."
"This transaction also offers clear benefits for unit holders in the transferring funds, as they should benefit from both management continuity and the support of Aviva Investors substantial REMM resources in Europe."
Aviva Investors manages £21bn in real estate assets globally and its REMM business manages £3.5bn of indirect real estate on a global basis, at June 30.
BlackRock's real estate team manages US$19bn globally, at September 30. Its direct property business in the UK has $2bn under management.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.