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Changes to Aviva funds

Introduction to changes

At Aviva, we’re committed to making sure we deliver a level of service that people expect from us. We are currently reviewing our investment funds and are making a number of changes.
The review will consist of three elements:

  1. Funds review
  2. Changes to BlackRock Aquila funds
  3. Stewardship funds - change in manager

Discover more

We are communicating to all advisers, employers and trustees and you can find out about the changes on the following pages.

Communicating the changes

Client and customer communications will start from December and January 2018 respectively.

We will write to all affected members.

For more information or if you have any further questions, please speak to your usual Aviva contact.

Funds review

We will be closing a number of relatively small funds across all our ranges. The process will take around two years to complete, until the end of 2019.

We will be reducing the number of funds on our platforms. However, we will also be launching new funds where appropriate to ensure we are still providing sufficient choice as well as enhancing the range available.

A complete list of impacted funds (available from January 2018)
Questions and answers
Example customer letter (available from mid December 2017)

BlackRock Aquila

During 2017, we worked with BlackRock to change the holdings of some of our pension funds which invested in BlackRock Aquila funds. The holdings of these funds changed from investing in BlackRock Aquila Connect funds to investing in equivalent “tax transparent funds” (TTFs) of an Authorised Contractual Scheme (ACS) administered by Aviva Investors. The new TTFs are also managed by BlackRock.

Further changes

  • During 2018 we intend to make some changes to the majority of our pension funds investing in BlackRock Aquila funds available on My Money
  • The majority of the existing My Money platform funds that currently invest in BlackRock Aquila Connect funds will now link to the Aviva Investors administered TTFs which are managed by BlackRock
  • The change to the TTFs reduces the risk to our company, clients and customers

We will pay the costs of moving to the new structure. The move of investments out of the Aquila Connect funds will mean that the names of the Aviva funds will need to change. We will be writing to clients and customers to tell them about the fund name changes.

Additional information

Questions and answers
Example employer letter (available from mid December 2017)
Example trustee letter (available from mid December 2017)
Example customer letter (available from mid December 2017)

Stewardship

From April 2018 the Stewardship funds will be managed by Aviva Investors.

As Stewardship is an Aviva branded range of funds we believe it is appropriate that the Aviva group is responsible for the management of the assets held within these funds. Following the completion of the move from the Friends Life brand (under which the Stewardship funds were historically made available) to the Aviva brand, we have decided to transfer the fund management of the Stewardship funds to Aviva Investors.

We believe Aviva Investors has the expertise, people and processes in place that will enable Stewardship to continue to be a leading socially responsible investment (SRI) brand. This includes being one of the first global fund managers to integrate environmental, social and corporate governance (ESG) issues into investment decision-making, working together with fund managers and analysts and customising ESG integration for each investment process.

Further information and details of Aviva’s expertise in responsible investment

Questions and answers
Aviva’s Stewardship credentials
Example customer letter (available from mid December 2017)

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WA03443 12/2017