LONDON - Aviva (LON:AV) PLC has announced its intention to sell 52,109 ordinary shares of Direct Line (LON:DLGD) Insurance Group PLC following a recent pension scheme client transfer. The transaction is part of standard business operations after the Aviva Master Trust, an independent occupational pension scheme, acquired the shares during the onboarding of a new client.
The shares were transferred to the Aviva Master Trust as part of an in specie asset transfer from the client’s existing occupational scheme. Aviva Investors, managing the Master Trust’s assets, is set to dispose of the Direct Line shares because they are not included in the receiving fund’s index, which is based on the investment strategy selected by the client.
The sale is scheduled to take place no sooner than 24 hours after today’s announcement, adhering to the rules set by the City Code on Takeovers and Mergers. The Panel on Takeover and Mergers has clarified that this transaction will not result in any regulatory consequences under the Code.
Aviva’s move to sell the Direct Line shares is a procedural step following the standard practice in the industry when pension scheme assets are transferred between funds. The announcement ensures transparency and adherence to market regulations, as Aviva navigates the management of pension assets within its Master Trust.
This action is part of Aviva’s ongoing activities in managing its occupational pension scheme business and does not signal a strategic change for the company. The information is based on a press release statement from Aviva PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.