Aviva Investors in the middle of £100m trading breach
As sources reported, Aviva has set aside almost £100 m after two of its former workers of its fund management arm breached its trading policy.
The insurance giant discovered the ex-employees breached rules between 2006 and 2012. Aviva said customers have been notified and they may receive redress. Aviva has requested PricewaterhouseCoopers to review parts of the Aviva Investors' division.
Aviva Investors said, `During 2013 the company identified that two former employees did not comply with Aviva Investors' dealing policy relating to the allocation of gilt trades.'
`A provision of £92 million has been recognised to reflect the expected compensation. in respect of these breaches.'
Sources close to the group said there will be no impact on its overall finances and that the City regulator had been notified.
This news comes after a successful year for Aviva under its new chief executive Mark Wilson.
Aviva Investors, formerly known as Morley Fund Management, had £246bn of assets under management as of 30 September this year. µ The AA has appointed Chris Jansen as its new chief executive ahead of key few months in which experts have predicted it could be listed or sold. Mr Jansen, who has held senior positions at British Gas and British Airways in the past, will replace Andrew Strong, who led the business for six years.
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