AVIVA INVESTORS Ireland, an asset management division of insurance company Aviva, saw its pretax profits shrink to €1.9 million in 2009, from €3.8 million a year earlier.

Aviva Investors (formerly Hibernian Fund Managers) is undergoing a restructuring process, according to recently filed accounts. The directors of Aviva Investors said it “intends to be made dormant in 2010”, in their report for 2009. The company’s fund management operations have been transferred to a sister company, Aviva Investors Global Services Limited in London.

The accounts show the fee income of Aviva Investors shrank from €16.9 million in 2008 to €13.4 million last year. Retained earnings stood at €813,074 at the end of 2009. Its assets under management rose in value from €10.1 billion to €10.4 billion in 2009, which the company described as a key performance indicator.

However, the accounts show it had a pension deficit of more than €5.5 million at the end of 2009.

Directors’ remuneration fell from almost €1.4 million in 2008 to about €1.2 million. Dividends of €3.8 million were paid in 2008, but none paid last year.

The average number of employees during the year was 33, most of whom were involved in administration. It was previously reported up to 30 jobs would be lost as a result of the transfer of operations to the UK, but a London spokeswoman for Aviva was unable to comment last night.

Aviva Investors was established as Hibernian Investment Managers in 1990 as a standalone investment management business. In 2008, it became part of the Aviva Investors global asset management group of companies.