Aviva Investors has outsourced management of its convertibles absolute return fund to a US firm, with the two fund managers moving with it.
The $568m (£349.5m) Aviva Investors Global Convertibles Absolute Return will managed by Westwood Holdings on a sub-advisory basis.
Fund managers David Clott and Shawn Mato, who have controlled the fund since its December 2009 launch, will move to Westwood under the deal and retain the fund’s reins.
Fellow convertibles manager Justin Craib-Cox will stay at Aviva running the long-only mandate.
Aviva Investors chief executive Euan Munro says the absolute return convertibles investors will be “best served” by the new management arrangement.
The firm is strengthening its focus on scalable products and “core building blocks” that can be used in the new multi strategy fund range.
“With David Clott and Shawn Mato continuing to advise the absolute return strategy at Westwood and Justin Craib-Cox managing our long-only strategy, our clients will be able to maintain seamless access to our global convertibles offering,” he explains.
Westwood president and chief executive Brian Casey says he is “thrilled” to take on the managers who sport long-term outperformance over the decade they have worked together.
“The team’s strategies represent a natural fit with Westwood’s current suite of investment solutions,” he adds.
“We appreciate the opportunity to sub-advise the Aviva Investors Global Convertibles Absolute Return fund. The addition of the global convertible securities team will be the latest in a series of strategic additions that we have made to ensure that we can continue to offer our clients the solutions that they desire.”