Aviva Investors is still making an "inadequate" contribution to group profits, the CEO of its parent company said today – but he added that slowing outflows and the transfer of £24 billion from Axa, announced on Tuesday, were "positive signs".
Operating profits at the asset manager fell 22% to £32 million in the first six months of the year from £41 million in the first half of 2014. The firm said this was down to the costs of selling off its US equity manager, River Road Asset Management, in March, as well as higher staff expenses, thanks to the expansion of its salesforce and senior management team.