Philip Manduca joins Morley Fund Management as Head of Alternative Investment Division

Article date: 27 May 2002

As part of its drive to expand its investment managementactivities, Morley Fund Management, which manages assets of overEuro 175 bn, (£107 bn), has restructured certain of its existingoperations and established an Alternative Investment Division.

This Division will be headed by Philip Manduca and will includeexisting hedge and private equity funds and investment trusts.Current assets in these existing product areas are in excess ofEuro 3.2 bn (£2 bn).

Philip Manduca, 44, was formerly Head of Asset Management atDexia BIL. Prior to that, he was a Partner and Chief InvestmentOfficer at Sant Cassia Investment Management. His earlier careerwas spent at Kidder Peabody & Co and Merrill Lynch.

Malcolm Le May, Deputy Chief Executive Officer and Head ofMorley’s European Division, to whom Philip will report, said:“The growth opportunities presented for having a robustalternative investment business is amply illustrated by the factthat this asset class still only occupies some 2% of total globalfunds under management. The appointment of Philip and the extensiveexperience he brings signals Morley’s world class status inthis increasingly important area of fund management.”

Philip Manduca said: “There are huge opportunities forMorley to grow its alternative investment business by developingthe existing highly successful private equity ‘fund offunds’ product and launching a number of new hedge andprivate equity funds over the next few months. Investors areincreasingly recognising the need for absolute return vehicles andthe recent changes in economic and market conditions has increasedtheir need for diversification to long only marketexposure.”

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For further information please contact:

Daniel Longden, Communications Manager
020 7809 8625
Laura Cook, PR Executive
020 7809 8125
Liz Morley, Gavin Anderson
020 7554 1479

Alternative Investment Products

Traditionally quoted shares and bonds have been the primary formof most individual and institutional investment. Given theirpredominance, other investments have been labelled as alternativeinvestment products. They comprise a large number of establishedcategories including unlisted securities such as private equity,private debt and venture capital along with holdings of variousassets such as real estate and commodities. More recently, a newclass of alternative investment product has gained prominence, thatof hedge funds.

Notes to Editors

Morley Fund Management

  • Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management businesswith over Euro 175 bn (£107 bn) under management. It hasinvestment management operations in London, Tokyo and Singaporeand an associate 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 www.morleyfm.com

Issued by Morley Fund Management Limited and Morley InvestmentServices 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 institutional correspondence please contact us at MorleyFund Management, No. 1 Poultry, London EC2R 8EJ. For retailcorrespondence please contact us at Morley Fund Management, PO Box6800, Brentwood, Essex CM14 4DQ.

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