Insurer Aviva said it had bought a fund management business in the United States for an undisclosed sum, in an effort to win more business from institutional investors there.
Aviva has bought River Road, a Lousville-based equity manager with $3.6 billion in assets under management, the insurer said today.
Britain's second-biggest insurer said River Road would help it win more investment management mandates from US institutions, complementing the fixed-income expertise of its existing asset management business, Aviva Investors.
Britain and mainland Europe-focused Aviva is keen to expand in fast-growing Asian and US markets.
The company entered the U.S. market in earnest in 2006 with the £1.6 billion acquisition of life insurer AmerUs, and reinforced its position there last year by listing its shares on the New York Stock Exchange.
Aviva shares were up 1.3 per cent at 399.9 pence by 9.30 GMT.
Reuters