They've found a buyer in the form of Affiliated Managers Group, a Massachusetts-based investment firm.
The move comes as the group looks to simplify its business, making it “more focused”, with an integrated operating model.
It stresses it’s still committed to the US market, and has seen strong growth in cross border sales across a number of product classes.
Jason Windsor, group chief strategy and development officer, said:
Aviva Investors is focused on becoming a fully-integrated asset manager offering products that deliver client outcomes with low volatility. A boutique US equity manager does not fit with this strategy. We look forward to a continued relationship with River Road.
The sale’s expected to complete in the third quarter of this year.