Aviva PLC (AV.L)
Latest Key Developments (Source: Significant Developments)
Aviva plc:Aviva Investors Global Services, part of Aviva, has paid out 150 mln Pounds ($232 mln) in fines and compensation after failing to control conflicts of interest, Britain's markets watchdog said - Reuters.The Financial Conduct Authority said it fined Aviva Investors 17.6 mln Pounds for systems and controls failings spanning eight years to June 2013.These weaknesses led to compensation of 132 mln Pounds being paid to ensure that none of the funds Aviva Investors managed was adversely affected, the regulator said.Aviva Investors used a management strategy whereby funds that paid different levels of performance fees were managed by the same trading desk.The same people were managing hedge funds, which typically pay a high fee for outperforming the market, and so-called long funds that pay much lower fees.Some of these fees were paid to traders who managed the funds.This type of incentive structure created conflicts of interest as these traders had an incentive to favour one fund over another.Traders were able to delay recording the allocation of trades for several hours without being detected internally.Compensation was paid to eight funds managed by Aviva on behalf of other companies within the group. Full Article
Kennedy Wilson Europe Real Estate plc acquires 180 property portfolio from Aviva Commercial Real Estate Finance, a subsidiary of Aviva Plc
Kennedy-Wilson Holdings Inc:Says that Kennedy Wilson Europe Real Estate Plc has acquired a mixed use property portfolio of 180 properties located in the United Kingdom from Aviva Commercial Real Estate Finance, a subsidiary of Aviva Plc, the UK's largest insurer.Transaction totaling about 503 mln pounds ($758 mln).Closes acquisition of 163 of the 180 properties, with a value of about 444 mln pounds ($669 mln), and the remaining 17 properties in the portfolio are expected to close subject to certain conditions. Full Article
LONDON, Nov 23 Aviva Investors, the fund arm of insurer Aviva, said on Wednesday it would resume dealing in its Property Trust on Dec. 15, more than five months after trade was suspended in the wake of Britain's vote to leave the European Union.