Aviva Investors is planning to cut 60 jobs - roughly 6 per cent of its workforce - before new chief executive Euan Munro takes up his position in January.

London-headquartered Aviva Investors is planning to cut 60
jobs - roughly 6 per cent of its workforce - before new chief executive Euan
Munro takes up his position in January.

An Aviva spokesperson said that the firm had been reviewing
its strategy in order to build a “more vibrant business and lay the ground work
from which Euan Munro can grow the business”.

Munro joins from Standard Life Investments where his
responsibilities included managing and creating the successful Global Absolute
Return Strategies fund, which currently has £18.55 billion in funds after
strong performance over the past two years.

Munro is the permanent replacement for Alain Dromer, who
left Aviva Investments in April 2012 as part of a major overhaul at parent
company Aviva.

“At the heart of this will be a focus on offering investment
propositions which deliver income with low volatility. Our key objective is to
significantly improve profitability by focusing on capabilities and
propositions that build on our heritage in managing long-term savings,” the
spokesperson said, adding that the changes will include redundancies at the
firm.

“There are certain changes we need to make to our products
and structure. In light of this, we have had to give the difficult message to
some of our colleagues that they will be leaving the business,” the
spokesperson explained.

About 60 people are affected by the redundancies, which are
part of the 2000 roles Aviva Group announced were being reduced earlier this
year.