Morley Fund Management awarded £90 million SRI mandate by UIA

Article date: 17 June 2002

Morley Fund Management (‘Morley’) has been awarded a£90 million mandate by UIA to be run on a Socially ResponsibleInvestment (SRI) basis. This account comprises all of UIA’sgeneral insurance and life funds and is one of the largestdedicated UK SRI mandates.

UIA, the specialist affinity insurer, has chosen to run thefunds on an SRI basis as it is committed to matching its investmentcriteria to the values of its customers which include the membersof UNISON, other trade unions and not for profit organisations.

Morley was chosen for its expertise and fund performance acrossasset classes within SRI. Within a defined risk parameter, thespecialist SRI team will be expected to address the social andenvironmental concerns of UIA customers, without compromisinginvestment returns.

The mandate will be run on a balanced fund basis including bondsand global equities. The lead fund manager will be Clare Brook,Director of SRI at Morley, who will be supported by her nine-strongteam of dedicated SRI fund managers and analysts. The mandate willbe measured against a composite benchmark and will have anoutperformance target of 1% per annum (over rolling 3 yearperiods).

Paul Moody, Head of Business Development – SRI at MorleyFund Management, said: "By moving entirely to Socially ResponsibleInvestment UIA breaks new ground in responding to theircustomers’ expectations by matching their investments withtheir beliefs. We are delighted that SRI is gaining recognition foradding value in investment terms. As investors, Morley believesthat companies who are conducting their business in a sociallyresponsible manner are most likely to succeed over time. Byinvesting in these companies and by encouraging others to improve,we can benefit UIA customers both in terms of meeting fiduciaryduties and addressing social and environmental issues. We lookforward to a long and successful relationship with UIA."

Andrew Gay, Finance Director for UIA, comments: “Ourcustomers, who include trade unions and not-for-profitorganisations, are increasingly aware of the power of financialmarkets to address the environmental and social impacts ofcompanies. These organisations understand that their sizeable fundscan be mobilised behind social justice issues such as employmentpractices and human rights and we are delighted to be working withMorley towards this end.”


For further information please contact:

Morley Fund Management
Laura Cook, PR Executive, 020 7809 8125
Paul Moody, Head of Business Development – SRI, 020 78096197

Notes to Editors


  • UIA Insurance Limited is a mutual and specialist affinityinsurer which has been offering general insurance products totrade unions and other affinity groups and their members for overa century.
  • UIA general insurance products include household, travel,personal accident, hospital cash, critical illness, pet, motor andcommercial. UIA also provide employee benefit packages to affinitygroups and trade unions. Each product is tailored and packaged tomeet the specific need of the client.
  • UIA has a security rating of A- (Excellent) from AM Best, theinternational security-rating agency. UIA is the smallest companyin Europe to hold such a high rating.
  • UIA's insurance services are available to over five millionpeople throughout the UK.
  • UIA is a member of the Association of British Insurers, theGeneral Insurance Standard Council and Insurance Ombudsman Bureau.UIA is regulated by the Financial Services Authority forInvestment Business and is registered under the Industrial andProvident Societies Act - No.2898R.

Morley Fund Management

  • Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management businesswith over £107 billion under management. It has investmentmanagement operations in London, Tokyo and Singapore and anassociate office in Boston*.
  • Morley is a wholly owned subsidiary of the CGNU Group andmanages both institutional and retail funds under the Morleybrand. It also acts as investment manager for a range of retailinvestment funds, marketed in the UK under the Norwich Unionbrand.
  • CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK’s largest insurance group and one of thetop-five insurers in Europe with substantial positions in othermarkets around the world, making it the world’s seventhlargest insurer based on gross worldwide premiums.

*Norwich Union Investment Management, a CGNU Group company

  • Further information about Morley Fund Management can be foundat

Issued by Morley Fund Management Limited.

Morley Fund Management is a business name of Morley FundManagement Limited, registered in England No. 1151805 and MorleyInvestment Services Limited, registered in England No. 1973412.Both are members of the Norwich Union Marketing Group, members ofwhich are regulated by the FSA for life assurance, pensions andinvestments. Morley Investment Services Limited is a member of theInvestment Management Association. Registered Offices: No. 1Poultry, London EC2R 8EJ. Both are CGNU Group companies.

For correspondence please contact us at Morley Fund Management,No. 1 Poultry, London EC2R 8EJ.

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