EUROPE - Aviva Investors is shedding around 160 jobs - 12% of its global workforce - in a revamp that will shift focus towards the "core" areas of fixed income, property and multi-asset.
Most of the job losses will happen in London, it said.
The proposed changes follow a full business review led by chief executive Alain Dromer and endorsed by the Aviva Group Board.
Dromer said: "The business review concluded that our strategy is broadly right, but, faced with a tougher external environment, and at the same time wanting to continue to invest for the future success of the business, we propose to reduce our cost base by focusing on our main strengths - fixed income, real estate and multi-asset solutions for institutional clients."
Equities activities are to be trimmed.
The firm said: "In addition, the economic downturn has been the catalyst for a change in client behaviour across the asset management sector, with a reduced appetite for riskier assets such as equities, notably in Europe."
As a result, it said, it was proposing to reduce the scope of active equity management in London, focusing on the core market in each of its four regions.
It said it would eliminate duplication by removing London-based European, emerging markets, global and sustainable responsible investments equity desks.
Under the plan, sales and marketing activity will focus on key institutional markets. This will mean scaling back activities in the financial institutions space, except where it is possible to develop and maintain institutional-type relationships, the firm said.
"In addition, Aviva Investors proposes to refocus its environmental, social and governance investment-monitoring activities, establishing a new global responsible investment team covering all assets under management," the company added.