Aviva Investors has announced a definitive agreement to sell its US equity manager River Road Asset Management to Affiliated Managers Group, the global asset management firm.

Aviva Investors has announced a definitive agreement to sell its US equity manager River Road Asset Management to Affiliated Managers Group, the global asset management firm.

The firm said it remains committed to the US market, with a strong business in Chicago, IL. It is seeing strong growth in cross-border sales in product classes including global high yield and securitized products, global convertibles and real estate multi-manager and hedge fund of funds.

“The transaction is in line with Aviva Investors’ strategy of simplifying its business and moving towards an integrated operating model and organizational structure,” said Jason Windsor, group chief strategy and development officer at Aviva Investors. “A simpler, more focused business will help Aviva Investors become a stronger third party manager and increase its contribution to the group.”

River Road, based in Louisville, KY, was acquired in 2009. The sale is subject to obtaining customary consents and approvals and completion is expected in the third quarter of 2014.

In January, AMG announced a number of strategic initiatives as part of its increased focus on the US retail market.

In other news today, for example, the firm said it is acquiring an equity interest in EIG Global Energy Partners.  EIG’s management team continues to hold a majority of the equity in the company and will retain operating autonomy of the business.

Meanwhile, William Sonneborn has been appointed as president of EIG, effective May 5.

EIG is a global alternative investment firm specializing in private investments in energy and energy-related infrastructure. The firm is headquartered in Washington, DC, with offices in Houston, Hong Kong, London, Rio de Janeiro, Sydney and Seoul. As of December 31, 2013, it had $15.9 billion in assets under management.