Job fears as Aviva alters investment arm's function
Wednesday November 25 2009
THE Dublin office of Aviva's investment offshoot is to be reduced to a "customer service centre" with all investment activity transferred to London.
The move, which will see most of Aviva Investors Ireland's 35-strong workforce lose their jobs, was communicated to staff on Monday. In a statement yesterday, Aviva Investors UK said the decision would "enhance investment performance" by "taking advantage of the company's global capabilities".
A spokesman refused to say how many jobs would be retained in the customer service function, citing the need to consult with union representatives.
The news comes just a month after Aviva plc announced plans to make Dublin its European base, in a move billed to create more than 100 new jobs.
Sources said the investment division's demise was "totally unrelated" to the European base, pointing out that Aviva Investors Ireland reports directly to Aviva Investors UK and not Irish insurance division Hibernian Aviva.
The two Irish wings are linked through a shared office in central Dublin and Aviva Investors Ireland's role as investment manager for some of Hibernian Aviva's funds.
These funds will now be managed out of Britain.In its statement, Aviva Investors UK insisted the decision to close down the Irish investment function "does not reflect any change in Aviva Investors' commitment to the Irish market".
- Laura Noonan
Irish Independent
