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Restricted adviser network Sesame would be broke and unable to trade without the continued financial support of its parent company Friends Life, Aviva has said in a note to shareholders ahead of its planned acquisition of the provider.
Aviva's £5.1bn acquisition of Friends Life could see as many as 1,500 jobs cut, the company has said.
Major shareholders, including Old Mutual's Richard Buxton have thrown their weight behind Aviva's £5.6bn takeover bid of Friends Life, saying the deal would strengthen both sides.
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Aviva has written to advisers outlining its views on the challenges facing Mark Barnett, following a review of how he runs funds previously managed by Neil Woodford.
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Tim Orton, chief executive of Aviva's platform business, is aiming to double assets under administration (AUA) to £10bn by the end of 2015.
Aviva will consider another transformative acquisition once its takeover of Friends Life beds in, according to reports.