Ireland: Hibernian Investment Managers' statement

Article date: 23 July 2003

Hibernian Investment Managers (HIM) can confirm that a review ofits fund management business in Ireland is currently underway aspart of an on-going review by Morley Fund Management. Morley is theasset management arm of Hibernian’s parent company Avivaplc.

There has been widespread consolidation of fund managementexpertise into the major trading centres of the world in recentyears. Thus enabling companies with worldwide operations to benefitfrom economies of scale, to reduce business costs and to improvecustomer service.

The implications for staff are of prime importance in thismatter. Hibernian and Morley have been working and will continue towork closely with its staff’s union representatives inAmicus-MSF in this regard. At this point it would be inappropriateto comment further until a final outcome to the review is agreedand all those involved are fully informed.

Hibernian Life & Pensions and Hibernian General Insurance,which together employ 1,800 staff in Dublin, Cork and Galway and at32 Hibernian branches around the country are not affected by thisreview. The main business of the company, the largest compositeinsurance company in Ireland, also remains unaffected.


Press contact:
Kela O’Riordan on 01 617 8164 or 086 606 8842

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