Morley Fund Management awarded US$1.7 billion mandate

Article date: 2 April 2003

Morley Fund Management, one of the UK’s largest fundmanagers, has been appointed to run a US$1.7 billion mandate byAviva Life Insurance Company. The account will be run byMorley’s associate office in Boston*.

The mandate is split between US$1.6 billion in corporate bondsand US$100 million in convertibles. The corporate bonds will bemanaged by Dan Fasciano. Dan was appointed Head of Fixed Income inthe Boston office in 2002 from Mellon Financial where he wasDirector – Taxable Fixed Income.

The convertibles portion will be managed by David Clott, who isalso based in Boston. Morley is one of the largest convertiblesfund managers by funds under management and David currently co-manages, amongst other funds, the Privilege Portfolio GlobalConvertibles Fund.

Dean Stannard, Managing Director, International and ProductDevelopment, said: “Morley is delighted to win this mandatefrom Aviva Life Insurance Company. This mandate represents a majorstep forward in strengthening our commitment to the core assetclass of credit products.”

Gerry Holtham, Chief Investment Officer, Morley Fund Management,said: “This success reflects Morley's activity over the pastyear in building up the fixed income capability in Boston. It isalso a major milestone in our drive to deliver credit capability ona global scale.”

"We are pleased to be working with the Morley-Boston team. Ourrelationship with Morley-Boston is already off to a great start asa result of their hard work on our behalf," said Hans L. CarstensenIII, president and CEO of Aviva Life Insurance Company.

Aviva Life Insurance Company and Morley Fund Management are bothsubsidiary companies of Aviva plc, one of the top 10 insurancecompanies in the world.

*Norwich Union Investment Management, an Aviva Groupcompany.

- Ends –

For further information please contact:

Fiona Baker, Head of Corporate Communications +44 20 7809 8125Morley 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.


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
Pensions Management Provider Awards 2002 – Commended for BestSRI Fund Manager and Best Fixed Income Fund Manager

*Norwich Union Investment Management, an Aviva Group company

Further information about Morley Fund Management can be found

Morley Fund Management trades under the name of CGU FundManagement in the US

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.

Back to top