Aviva buys US equity manager

5th Jan 2010 12:47

Aviva Investors, the global asset management business of insurer Aviva, has agreed to buy US equity manager River Road Asset Management with $3.6bn assets under management.River Road, which has gross assets of $6m (as at 31 December 2008), will continue to be based in Louisville and will form part of Aviva Investors North America. 'In River Road, we have found a top-quality equity management business with an impressive track record. It has an experienced team, a strong customer focus and a scalable operating model,' said Alain Dromer, chief executive of Aviva Investors. 'River Road will contribute significantly to our plans to increase our third-party institutional business and will help us provide our clients with a broader range of investment solutions.'The transaction is expected to complete by the end of the first quarter.