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UK insurer Aviva buys U.S. asset manager
LONDON - British insurer Aviva said it had bought a fund management business in the United States for an undisclosed sum, in an effort to win more business from institutional investors there.
- PUBLISHED: Tue 5 Jan 2010, 5:47 PM UPDATED: Mon 6 Apr 2015, 10:23 AM
Aviva has bought River Road, a Lousville-based equity manager with $3.6 billion in assets under management, the insurer said on Tuesday.
Britain's second-biggest insurer said River Road would help it win more investment management mandates from U.S. institutions, complementing the fixed-income expertise of its existing asset management business, Aviva Investors.
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Britain and mainland Europe-focused Aviva is keen to expand in fast-growing Asian and U.S. markets.
The company entered the U.S. market in earnest in 2006 with the 1.6 billion pound ($2.6 billion) acquisition of life insurer AmerUs, and reinforced its position there last year by listing its shares on the New York Stock Exchange.
Aviva shares were up 1.3 percent at 399.9 pence by 9.30 GMT.