IRELAND - Aviva Investors is set to shut down most of its Irish operations, leaving only a service centre in Dublin.
In a statement, the firm - which is the asset management division of insurance company Aviva - said the decision came after a "strategic review of its long term investment strategy for Irish clients, focused on ways to manage investments more globally and enhance investment performance".
Most investment operations will be transferred to other parts of the business leaving in Ireland only a sales and client servicing centre, said an Aviva Investors spokesperson.
He added the company is in consultation with unions and employees regarding job losses, but declined to comment on the number potential redundancies. He also said the company aims to complete the restructuring by the end of the first quarter of 2010.
According to the statement, this decision does not reflect any change in Aviva Investors' commitment to the Irish market.
Fowler added no other European centre was undergoing similar restructuring processes.
Aviva Investors was created last year integrating Aviva's asset management businesses to create a globally integrated group, which included established businesses such as Hibernian Investment managers in Ireland and Morley in the UK (Global Pensions, February 28, 2008).
It set up a global investment solutions team made up of existing management staff. Small, local autonomous teams were created to concentrate on active portfolio management with property managed separately.
At the time, Aviva Investors global chief executive Alain Dromer said: "Our decision to specialise and focus our investment teams satisfies the requirements of those clients who want to build portfolios themselves and those who expect us to devise new solutions for their needs."
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