Morley Fund Management launches Fund of Hedge Funds

Article date: 30 July 2003

Morley Fund Management, one of the UK's largest fund managers,has signed an agreement with Benchmark Plus, a US based manager, tolaunch a fund of hedge funds. The first sub-fund, Alpha Optimum,was launched on 1 July and is being marketed and distributedthrough Morley's continental European retail business, AvivaFunds.

Following an extensive search, Morley selected a leading USboutique, Benchmark Plus, a specialist in fund of hedge fundmanagement, to manage Alpha Optimum. Benchmark Plus has also signedan exclusive arrangement for Morley to distribute its managementskill in Europe.

Benchmark Plus has achieved annualised returns of 16.59% for itsflagship Market Neutral Fund launched in January 1998. This fundhas also delivered positive monthly returns over 90% of the timesince inception.

Commenting on the launch of the Fund of Hedge Funds Neil Smith,Director of Aviva Alternative Funds, said: "We are confident thatAlpha Optimum will produce consistent high returns for investors.We have taken the time to choose the right partner, Benchmark Plus,to work with us. It is essential for our clients Morley and that wehave access to a top player in the industry with a proven abilityto deliver. By investing via a fund of funds, clients can gainaccess to the best ideas in the market."

The first sub fund, Alpha Optimum, was launched on 1 July andinvests in 20 to 25 underlying hedge funds, 90-95% of these beingselected from US based managers. The fund is domiciled inLuxembourg and minimum investments are EUR25 000 for privateinvestors and EUR1 000 000 for institutional investors.

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For further information please contact:
Fiona Baker, Head of Corporate Communications
020 7809 8617
Morley Fund Management

Notes to editors

Alpha Optimum has the following features:

  • Investment in 20-25 underlying hedge funds
  • Domiciled in Luxembourg
  • Minimum investment: EUR25 000 (private investors), EUR1 000000 (institutional investors)
  • Charges: 1.25% AMC + 15% incentive fee (private andinstitutional investors)
    Additional 0-1% trail (for private investors only)
  • Fund denominated in Euros, no Euro holdings are hedged intoEuros by Morley

Morley Fund Management

  • Morley Fund Management ('Morley') is an independently managed,London based, asset management business with over £104 billionunder management (as at 31.03.03). It actively manages a diverserange of asset classes and has investment management operations inLondon 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 Morleybrand. It also acts as investment manager for a range of retailinvestment funds, marketed in the UK by Norwich Union, andinternational funds marketed under the Privilege Portfolio brand(to change to Aviva Funds on 1st 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 Best SRIFund Manager and Best Fixed Income Fund Manager

  • *Norwich Union Investment Management, an Aviva Groupcompany
  • Further information about Morley Fund Management can be foundat www.morleyfm.com
  • Issued by Morley Fund Management Limited
  • Morley Fund Management is a business name of Morley FundManagement Limited, registered in England No 1151805. A member ofthe Norwich Union Marketing Group, members of which are authorisedand regulated in the UK by the Financial Services Authority forlife assurance, pensions and investments. Registered Office: No 1Poultry, London EC2R 8EJ. A member of the Investment ManagementAssociation.

    Morley Fund Management is also a business name of MorleyInvestment Services Limited and Morley Fund ManagementInternational Limited. All are Aviva companies.

    Contact us at Morley Fund Management, No 1 Poultry, LondonEC2R 8EJ.

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