Aviva Investors splashes out on US fund manager River Road

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River Road Asset Management is a Kentucky fund manager which specialises in investing in undervalued US shares. It has $3.6 billion (£2.2 billion) of assets under management.

A year ago Aviva Investors chief executive Alain Dromer said he wanted to buy a manager with American equity capabilities to add to the fixed income American business, known as Amerus, before the integration of the group's fund managers around the world under the Aviva Investors brand last year.

As well as being a traditional fund manager, River Road acts as a third-party, "white label" manager to other funds.

Mr Dromer said the business would retain its investment team.