British insurer Aviva is reportedly planning to wind down its $2bn US hedge funds unit that is responsible for investing in external hedge funds by the end of this year.
"Following a comprehensive review of our business, we have decided to exit the business of investing in third party hedge funds," said an Aviva spokesman.
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"We are working with our affiliates and the underlying hedge fund managers on an orderly transition plan," he added.
The closure of the unit intends to result in fewer than a dozen job cuts, reported The Wall Street Journal.
The shut down is part of the firm’s plans to scale back operations in the US.
Last week, Aviva was in talks to acquire Friends Life Group, a British insurer for £5.6bn.
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