Aviva Investors is weighing up options for closing its funds investing in property shares, to focus on expansion in Asia.

The move could affect Paul Van de Vaart’s £46.5m Global Property fund, which has been sold via advisers, as it invests at least 70 per cent in property shares and real estate investment trusts.

In a letter to clients, John Palmer, investment sales manager at Aviva Investors, said the global listed property securities side of the business had “insufficient scale” and was “unable to compete effectively”. As a result Aviva is seeking to close its property securities desks in London and New York.

Mr Palmer said: “A dedicated Asia Pacific capability will be maintained as part of the Asia Pacific Real Estate business, recognising the integral part played by public real estate in the Asia Pacific real estate universe and subsequent growth potential.”

Aviva earlier this year announced plans to scale back its retail investment operations, and chief executive officer Alain Dromer left the firm in April amid a corporate restructure.