Morley strengthens Risk Management team

Article date: 6 March 2003

Morley Fund Management (Morley), one of the UK’s largestfund managers, has appointed Frances Cowell to its Portfolio Riskteam. Her new role at Morley adds further resource to an alreadyleading risk management team.

Morley has been increasing the use of derivatives and othernon-traditional investment techniques to enhance the return andhedge the risk of conventional portfolios. Frances’ role isto develop the risk management for these non-traditionalinvestments.

Frances brings to Morley extensive experience in incorporatingderivatives in portfolio management across asset classes. Thisexperience will be applied in the team to extend the high standardsof risk management to new products and new investment strategieswithin existing products.

Frances joins Morley from QUANTEC, a major provider of portfoliorisk management systems. Prior to that she was at NatWestInvestment Management, where she was responsible for designing andmanaging large portfolios with closely defined risk profiles.

Julie Johnson, Head of Portfolio Risk at Morley, said:“Frances will be an asset to the team because she hasexpertise in areas such as derivatives and hedge funds. Thesesophisticated investments, where traditional risk managementtechniques are difficult to apply, are playing an increasinglyimportant role in Morley's fund range.”

-ends-

For further information please contact:
Fiona Baker, Head of Corporate Communications
0207 809 8617
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 SpecialistManager of the Year - UK Pensions Awards 2002 Insurance FundManager of the Year (awarded to Norwich Union) - Standard andPoor’s 2002 Sustainable and Ethical Investment and AssetManagement 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 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 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 institutional correspondence please contact us at MorleyFund Management, No. 1 Poultry, London EC2R 8EJ, for retailcorrespondence please contact us at Morley Fund Management, PO Box6056, Basildon SS15 5UU

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