LONDON - The British insurer Aviva said on Friday that its asset management arm had agreed to sell one of its businesses in the United States, River Road Asset Management.
Affiliated Managers Group will purchase the institutional investment management firm River Road for an undisclosed amount, Aviva said.
The asset management business, Aviva Investors, remains committed to the American market, with its business based in Chicago, the company said.
“The transaction is in line with Aviva Investors’ strategy of simplifying its business and moving towards an integrated operating model and organizational structure,†said Jason Windsor, the Aviva group chief strategy and development officer.
The sale of River Road is expected to be completed in the third quarter.
Aviva Investors acquired River Road, which is based in Louisville, Ky., in 2009. River Road had about $11 billion in assets under management as of Dec. 31.
By comparison, Aviva Investors, the asset management arm, has about 241 billion pounds, or about $400.7 billion, in assets under management.
Over all, Aviva, the insurer, reported an operating profit of £2.05 billion in 2013. The company employees about 28,000 people worldwide.
