The deal covers front-office support, middle and back-office activities the asset management firm.
As part of the deal, BNY Mellon will offer asset services including custody, fund administration and depositary capabilities.
BNY Mellon will use cloud-based data platform Data Vault to provide data and insights to Aviva Investors.
BNY Mellon’s advanced front-office support will include mandate monitoring and performance measurement.
Aviva Investors expects the deal to help it shift focus to key investment and client-related activities.
Aviva Investors CEO Mark Versey said: “As part of our efforts to simplify our supplier model and ensure we have a best-in-class, scalable operating model for the benefits of our business and clients, we are delighted to enter this transformative partnership with BNY Mellon, which has invested heavily to provide leading operational and data services to asset management businesses.
“Outsourcing some of these services to BNY Mellon will allow us to enhance our client proposition and improve operational efficiency.”
BNY Mellon Securities Services and Digital CEO Roman Regelman said: “At BNY Mellon, it’s our goal to help clients achieve superior outcomes across the investment lifecycle.
“Our innovative, data-centric operating model, flexible technology and comprehensive capabilities will enable Aviva Investors to focus on delivering an exceptional client experience. We are delighted to support Aviva Investors on its journey to transform its operating model.”