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David Cumming leaves Aviva as part of equity shake up

It has not been confirmed how many roles are at risk, however it was first reported in The Mail on Sunday that Mikhail Zverev, Aviva’s head of global equities, is also expected to leave

Aviva has started a redundancy consultation process with employees in its equity team, with David Cumming, the division’s chief investment officer, having already left the company. 

The redundancies in the equity division stem from Aviva’s desire to focus on areas where it has a “competitive edge”. 

It has not been confirmed how many roles are at risk, however, it was first reported in The Mail on Sunday that Mikhail Zverev, Aviva’s head of global equities, is also expected to leave. 

Cumming first joined Aviva in 2018 and was previously head of equities at Standard Life Investments (SLI) between 2010 and March 2017.

Meanwhile, Zverev, who joined Aviva in 2018, previously worked at SLI as head of global equities also. 

In a statement, Aviva Investors said: “Since taking over as CEO of Aviva Investors in January, Mark Versey has been clear on the need to focus on areas where we have a competitive edge and are winning business. 

“In addition to our established position in real assets, credit, multi-asset and wealth and retirement solutions, this means drawing on our strength in responsible investing to build a market-leading sustainable outcomes franchise, including net-zero aligned propositions.”

It added: “We have taken the decision to focus our equities business on sustainable outcomes and core strategies where there is clear client demand, namely UK and global equities, while retaining sufficient coverage to support our multi-asset strategies. 

“A number of roles have been put at risk in our equities team, and we have begun consultations with the impacted individuals. We are unable to provide further details while we go through the consultation process.”

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