Mar 16, 2018
Aviva shareholders riled by chief’s BlackRock board role
Investors have reacted angrily to news that Aviva chief executive Mark Wilson is to take a seat on the board of BlackRock, the world's biggest fund manager. Aviva has its own fund management arm, Aviva Investors, and one of Mr Wilson's priorities has been to turn it round. Mr Wilson's new role adds pressure to the relationship between Aviva and its investors, at the end of a week when the company came under fire for its plan to cancel so-called irredeemable preference shares. BlackRock already manages money for Aviva, and the UK insurer uses BlackRock's Aladdin risk management technology. Aviva announced last week that it was considering cancelling the preference shares as part of a plan to return £500m of excess capital to shareholders.
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