Aviva Investors is to slash 6% of its global workforce, including some senior managers, as part of a "difficult" restructuring programme.
The funds arm of British-based insurer Aviva is cutting approximately 60 staff from the firm.
Mark Wauton and the head of equity solutions Lyad Farah are two of the high-profile victims, according to Reuters.
Dinesh Pawar, who is a manager in the credit team, is also departing.
An Aviva spokesperson told IBTimes UK: "Our key objective is to significantly improve profitability by focusing on capabilities and propositions that build on our heritage in managing long-term savings.
"To achieve this, there are certain changes we need to make to our products and structure. We have had to give the difficult message to some of our colleagues that they will be leaving the business."
The restructuring is part of a group-wide shake-up of Aviva being pushed through by chief executive Mark Wilson who took over at the start of the year.
In July, Aviva appointed Euan Munro from rival Standard Life as chief executive of Aviva Investors. He is due to take up his post in January 2014.
Aviva revealed earlier this year that it would cut 2,000 jobs across the company's operations in Canada, Europe and Asia.