Alliance Trust Investments is to acquire Aviva Investors’ £1.2 billion (about $1.8 billion) sustainable and responsible investment funds - a move in which the Aviva SRI team, head by Peter Michaelis, will move to establish an SRI capability for Alliance.

“In January this year, Aviva Investors decided to focus its business on areas of existing competitive strength, which includes fixed income, multi-asset solutions, real estate and core equities,” said Paul Abberley, interim chief executive at Aviva. “As a result, the decision was taken that a new institutional home should be found for our dedicated SRI capabilities.”