Morley Fund Management strengthens Corporate Governance team

Article date: 16 June 2003

Morley Fund Management, one of the UK’s largest fundmanagers, has appointed Iain Richards as head of governance -public policy from 23 June 2003. The appointment boostsMorley’s corporate governance team to four, and makes it oneof the most experienced in the UK.

Iain will report to Mike Bishop, head of Pan-European equities.He will work alongside Anita Skipper, who has overallresponsibility for corporate governance and Ross Courtier, thesenior UK activism fund manager.

Iain joins from Schroder Investment Management where he wasassociate director and head of corporate governance since 2001. Hisrole involved working on the UK equity desk with responsibility forcorporate governance and engagement work. He has previously alsoworked at the FSA, the London Stock Exchange in the Policy Groupand the Department of Trade and Industry (DTI).

Commenting on the appointment, Gerald Holtham, chief investmentofficer at Morley Fund Management, said: "We are pleased andexcited Iain is joining us. Corporate governance is an establishedand integral part of Morley’s investment process. As one ofthe City’s leading corporate governance experts, Iainreinforces Morley’s position as a leader in this increasinglyimportant area of fund management. We are building a team toprovide thought leadership in the industry."

Iain Richards said: "I am delighted to be joining one of theCity’s best corporate governance teams at such a pivotal timein the industry. The range and potential significance of governanceand investor protection issues being debated in the UK and EU hasnever been greater. I look forward to contributing toMorley’s culture of thought leadership and innovation."

-ends–

For further information please contact:
Fiona Baker, head of corporate communications, 020 7809 8617,Morley Fund Management.

Notes to editors

Iain Richards

Iain joined the DTI in 1989, working in European and thenCompetition policy. He moved to the London Stock Exchange in 1994,working as company secretarial department manager and assistantsecretary to the board. In 1997 he became a member of the UKListing Authority's Policy Group with responsibility for, interalia, corporate governance and public policy issues. He joinedSchroders in 2001, with responsibility for managing and developingtheir corporate governance activities, becoming an associatedirector in 2002. He is an Alumni of the Open University where heis also currently doing his MBA.

Morley Fund Management

Morley Fund Management (Morley) is an independently managed,London based, asset management business with over £104bn undermanagement (as at 31.03.03). It actively manages a diverse range ofasset classes and employs over 1000 personnel worldwide, based inLondon, 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 (to change to AvivaFunds on 1 July 2003).

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

*Morley Fund Management International Limited, an Avivacompany

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. Bothare members of the Norwich Union Marketing Group, members of whichare regulated in the UK by the Financial Services Authority forlife 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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