Morley Fund Management progresses European strategy with the opening of a Milan office

Article date: 20 February 2003

Morley Fund Management (‘Morley’), one of theUK’s largest fund managers, has today opened a representativeoffice in Milan, Italy. The move into Italy marks a furtherprogression of Morley’s focused European strategy.

In Italy, Morley will be exploring the extension of its UKbusiness model by concentrating on opportunities in theinstitutional and third-party distribution market, as well asleveraging the existing distribution capabilities of its parentcompany Aviva.

Morley will also be looking to promote funds from its PrivilegePortfolio range, a Luxembourg-based SICAV. Privilege Portfolio isalready promoted in 15 countries across Europe, including Spain,Germany and the Nordic region. Key products include a comprehensiverange of SRI funds, as well as European equities, bonds andproperty funds.

The Italian mutual fund industry has grown significantly overthe last decade, with assets under management now totalling€569 billion and with 59% of mutual fund inflows derived frombank distribution channels.

Commenting on the opening of the office, Raoul Bachmann,Managing Director, Continental European Retail, said: “Thismove is an important step in our strategy to develop a continentalEuropean business in a small number of key markets. Italy was ourfirst choice as it is one of the fastest growing and most dynamicmutual fund markets in Europe.”

The office is headed up by Massimiliano Guidi, as Director ofItaly, and is supported by a team of three relationshipexecutives.

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For further information please contact:
Fiona Baker 020 7809 8617
Head of Corporate Comms, Morley Fund Management

Notes to Editors

Morley Fund Management

Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management business withover £105 billion under management (as at 31.12.02). It activelymanages a diverse range of asset classes and has investmentmanagement operations in London, Tokyo and Singapore and anassociate office in Boston*.

Morley is a wholly owned subsidiary of the Aviva Group andmanages both institutional and retail funds under the Morley brand.It also acts as investment manager for a range of retail investmentfunds, marketed in the UK by Norwich Union, and international fundsmarketed under the Privilege Portfolio brand.

Awards

Fund Manager of the Year - Pensions Week Awards 2002
Specialist Manager of the Year - UK Pensions Awards 2002
Insurance Fund Manager of the Year (awarded to Norwich Union) -Standard and Poor’s 2002
Sustainable and Ethical Investment and Asset Management Award -Liveable City Awards 2002

*Norwich Union Investment Management, an Aviva Group company

Further information about Morley Fund Management can be found atwww.morleyfm.com

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 in the UK by the Financial Services Authorityfor life assurance, pensions and investments. Morley InvestmentServices Limited is a member of the Investment ManagementAssociation. Registered Offices: No. 1 Poultry, London EC2R 8EJ.Both are Aviva companies.

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

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