Aviva Investors, the global asset management business of UK insurer Aviva, has bought all of US-based River Road Asset Management for an undisclosed sum, it said today, adding to a run of fund management industry takeovers seen in recent months,.

The value-oriented US equity manager is based in Louisville, Kentucky and oversaw $3.6 billion assets under management as at 30 November last year.

“This acquisition supports the expansion of Aviva Investors’ third party institutional asset management business by combining its existing expertise in fixed income in North America with River Road’s equity investment capability,” the firm said in a statement.

There have been a number of merger and acquisition deals in the asset management and related sector recently, as firms have looked to spin off non-core business units to raise much-needed capital, while acquirers have looked to pick up units at attractive valuations. For example, Aberdeen Asset Management, the UK-listed firm, acquired the lion’s share of Credit Suisse’s asset management business in the UK; at the start of this week, Crédit Agricole and Société Générale, the French banks,launched their asset management joint venture, called Amundi.

In its statement, Aviva said the management team and River Road’s investment processes will be unaffected by the transaction, which is expected to be completed by the end of the first quarter.