Senior promotion at Morley

Article date: 19 March 2003

Morley Fund Management (Morley) has announced the promotion ofCeris Williams to Head of Fixed Income, reporting to CIO GerryHoltham.

Ceris joined Morley in September 2002 as Head of SovereignBonds. He has over 15 years experience in the investment managementindustry and was rated no.1 specialist fixed income manager in anindustry survey of consultant opinion in 2001. Ceris was previouslyHead of Fixed Income at Rothschild Asset Management,

Reporting to Ceris will be Head of Treasury Tim Lucas, Head ofCorporate Credit Investments Paul Mingay, Head of SovereignProducts Shahid Ikram, and Head of Gilts Kevin Lorkins.

In addition, Morley's overseas credit teams headed by DanFasciano in Boston and Chng Ghim Hoon in Singapore will now reportdirectly to Paul Mingay as Morley continues to build itsinternational credit capability.

With £50bn in fixed interest and cash assets under management,the Morley fixed income team includes 44 fund managers, with anaverage of 12 years investment experience. In 2002 Morley wonalmost £10bn in new business, including a significant number ofspecialist fixed income mandates.

Ceris assumes his new role immediately following Peter Rains'decision to leave the company. Peter has worked with the companysince 1988, most recently as Head of Fixed Income and Head ofAlternative Investment.

The Alternative Investment division currently accounts for £1billion of money under management and includes Investment Trusts,Private Equity and Hedge Funds. The investment functions of theseareas continue to report to CIO Gerry Holtham. Business developmentresponsibilities will now be aligned to key client areas:

  • Alan Gadd, Managing Director, UK Retail - InvestmentTrusts
  • Alistair Morrison, Managing Director, Institutional - PrivateEquity
  • Raoul Bachmann, Managing Director, Continental European Retail- Hedge Funds

Commenting on the promotion, Morley's CEO Keith Jones said:"Ceris' promotion is part of Morley's clear succession planningprocess. Our fixed income team is one of the largest and moststable in the UK market. I look forward to Ceris and the teambuilding on the excellent track record that Morley has establishedin this key asset class."

Commenting on Peter Rains' decision, CIO Gerry Holtham said:"Peter has played an instrumental role in building Morley's fixedincome team into one of the largest and most respected players inthe UK market. We thank Peter for his significant contribution andwish him every success in the future."

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For further information please contact:
Fiona Baker, Head of Corporate Communications 0207 809 8617 MorleyFund Management.

Notes to editors

Morley Fund Management

Morley Fund Management ('Morley') is an independently managed,London based, asset management business with over £105 billionunder management (as at 31.12.02). It actively manages a diverserange of asset classes and has investment management operations inLondon, Tokyo and Singapore and an associate 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 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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