• Luciano Lilloy will lead Aviva Investors’ sustainable equities capabilities in a newly created senior role.
• The former Impax portfolio manager previously co-managed more than $10 billion in sustainable thematic equities.
• Lilloy will also assume portfolio management responsibilities for the Global Climate Equity Strategy.

Sustainable investing mandate expands

Aviva Investors has appointed Luciano Lilloy as Head of Sustainable Equities, creating a senior leadership role focused on strengthening its sustainable investment platform.

Lilloy joins from Impax Asset Management, an investment firm focused on the transition to a more sustainable economy. He most recently served as a portfolio manager and co-managed more than $10 billion in sustainable thematic equity strategies.

At Aviva Investors, Lilloy will lead the further development of the firm’s sustainable equities capabilities. He will also become a named portfolio manager on its Global Climate Equity Strategy.

The appointment gives Lilloy responsibility for a strategically important part of the equity business. Asset managers face growing pressure to demonstrate how climate considerations affect security selection, portfolio construction and long-term financial performance. They must also navigate differing regulatory approaches to sustainable investment across major markets.

Climate strategy gains new leadership

Lilloy will assume the Global Climate Equity Strategy responsibilities currently held by Max Burns. Burns, who became Head of Equity Research in 2022, will retire later this year following a phased transition.

The transfer places an experienced thematic investor directly within the strategy’s leadership team. It also connects Aviva Investors’ sustainable equities development with the day-to-day management of a climate-focused portfolio.

For institutional investors, that connection is increasingly important. Scrutiny of sustainability claims has intensified, while asset owners are asking managers to provide clearer evidence of investment discipline, stewardship and real-economy relevance.

Lilloy’s experience at Impax offers direct exposure to those demands. His previous work covered businesses positioned around structural environmental and economic changes, an area that requires managers to distinguish durable investment themes from short-term market enthusiasm.

Nicholette MacDonald-Brown, Head of Active Equities at Aviva Investors, said: “We’re thrilled to welcome Luciano and Duncan to the firm. We’re very excited to begin working with them both to further evolve our Equity offering, to ensure we are providing the best possible solutions and outcomes for our clients.”

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Equities brought under one structure

The appointment forms part of a broader reorganisation of Aviva Investors’ equity capabilities. The firm has united those operations under a single leadership structure headed by MacDonald-Brown, who joined as Global Head of Active Equities in September 2025.

Aviva Investors’ Index Investments team will also move into the Equities business. This creates a closer organisational link between active, sustainable and index-based investment capabilities.

Duncan Bulgin will join separately as Head of Equity Research, succeeding Burns. Bulgin arrives from GAM Investments with more than 20 years of experience as an analyst and portfolio manager. He will also oversee global commodities research.

As part of the leadership transition, Harsharan Mann will become co-portfolio manager of the Global Core Strategy.

What investors should watch

For executives and asset owners, Lilloy’s appointment reflects the continued institutionalisation of sustainable investing within mainstream equity management. Aviva Investors is placing dedicated leadership, research and portfolio accountability around the discipline rather than treating it as a separate product category.

The test will be execution. Clients will expect the expanded structure to produce credible investment outcomes, transparent climate analysis and consistent stewardship across markets.

That challenge extends beyond one asset manager. Sustainable equity teams must now operate amid political resistance, tighter fund-labelling rules and uneven corporate transition plans. By appointing Lilloy to both a leadership position and a portfolio role, Aviva Investors is tying its climate investment ambitions more closely to measurable investment decisions and client outcomes.