What is Aviva going to do about its underperforming Aviva Investors asset management arm, demanded Philip Meadowcroft at the insurance giant’s annual meeting last month. Given its lack of scale and tiny contribution to group profits, shouldn’t Aviva just sell it, asked the campaigning private investor, who has been harrying Aviva’s management for years.

Now Meadowcroft has got an answer. Of sorts. Aviva has confirmed that it is cutting back the equities operation, with David Cumming, the high-profile chief investment officer for equities, the first of several heads to roll. Eight to 10 funds are expected to be closed.