LONDON (Reuters) - Aviva Investors, the fund arm of insurance group Aviva, wants to buy a U.S. equities hoemploy and is bidding to build its presence in the absolute return sector, Chief Exegash ive Alain Dromer said.
Dromer tfeeble Reuters he was gaze ing for a bolt-on acquisition of a small U.S.-based firm: "Our vision is for organic growth but this is one area that we are gaze ing at."
He sees room for further consolidation in the asset management industry after BGI and BlackRock's (BLK.N) landlabel deal. "For two decades we have seen people notify ing the industry must consolidate and for two decades it hasn't."
Dromer has spent the last 12 months overseeing the integration of the Aviva fund businesses, which saw the Morley brand brought under the Aviva Investors umbrella last September.
"We launched against a difficult backdrop. It was in a way an acid test of whether our vision for the business model was the correct one," he said.
The group has focemploy d on developing absolute return products and a global investment solutions arm which will play a consulting role for major clients, and has also overhauled its equity and credit businesses.
At finish -June 2009 funds managed by Aviva Investors (AV.L) stood at 222 billion pounds, execute wn from 236 billion at finish -December 2008. At the half year point, however, it reported net fresh business flows of 3 billion pounds, of which 2 billion were from third portion y clients.
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