Article date: 1 April 2003
At an extraordinary general meeting held in Luxembourg today (1April 2003), the shareholders of Privilege Portfolio, theLuxembourg SICAV of the Aviva Group, approved a change of name fromPrivilege Portfolio to Aviva Funds with effect from 1 July2003.
The name Aviva was adopted by the UK-based insurance groupbehind Privilege Portfolio on 1 July 2002. The name Aviva bringstogether over 50 trading names around the world under a singlebrand and has allowed the Group to harness the benefits of its sizeand international capabilities as the seventh-largest insurer inthe world.
Privilege Portfolio was established in Luxembourg in 1990 andtoday boasts a range of 29 sub-funds. Since the beginning of 2003,two new sub-funds have been added to the range: PrivilegePortfolio- European Value Fund and Privilege Portfolio-EuropeanProperty Fund. The Privilege Portfolio range is actively marketedin 15 countries by Aviva Funds International, the Marketing andDistribution Agent. The investment adviser to Privilege Portfoliois Morley Fund Management ("Morley") also a member of the AvivaGroup. Morley recently opened a representative office in Milan topromote its European product range, the lead product of which isPrivilege Portfolio.
To mark the decision to change the name to Aviva Funds, a newwebsite has also been launched on 1 April 2003 that adopts thedesign template of other Aviva Group websites. Currently the siteis branded Privilege Portfolio, but it will be rebranded as AvivaFunds on 1 July. The site can be found at www.privilege.lu as wellas at www.avivafunds.com, which will become the main site addressonce the new name has been adopted.
Commenting on the change of name, Raoul Bachmann, head ofContinental Europe at Morley Fund Management said: "We areabsolutely delighted to announce that the new name for PrivilegePortfolio will be Aviva Funds from July this year. The new namewill enable us to leverage off the strong reputation and brandrecognition of our parent Aviva, which has an established presenceacross Europe. This move demonstrates the commitment of the Groupto its European mutual fund business."
For further information:
Stephen Roberts, Head of European Retail Marketing,
tel: +352 22.214.171.1249
fax: +352 126.96.36.1999
GSM: +352 021.265.611
Notes to editors:
- The value of an investment in the Privilege Portfolio fundscan fall as well as rise. The investor may not get back theoriginal amount invested.
- Aviva Funds International Limited is the Marketing andDistribution Agent for Privilege Portfolio. Privilege Portfolio isthe Luxembourg domiciled investment fund of the Aviva Group with30 sub-funds ranging from lower risk money market and bond fundsthrough international and regional equity funds to morespeculative single country and theme funds.
- Morley Fund Management Limited is the Investment Adviser toPrivilege Portfolio and is a member of the Norwich Union MarketingGroup, members of which are regulated in the UK by the FinancialServices Authority for life assurance, pensions and investments.Morley Fund Management Limited and Aviva Funds InternationalLimited are Aviva companies.
- Aviva is the UK's largest insurance group, one of the top-fivelife insurers in Europe and has substantial positions in othermarkets around the world. Aviva is the world’sseventh-largest insurer based on worldwide gross writtenpremiums.
- Aviva’s principal business activities are long-termsavings, fund management and general insurance, with worldwidepremium income and investment sales from ongoing business of morethan £28 billion, and over £200 billion in assets under managementat 31 December 2002.