Morley appoints new lead manager for Norwich UK Equity Fund

Article date: 24 November 2003

Morley Fund Management today announced that Mervyn Douglas hasbeen appointed as the lead fund manager of the Norwich UK EquityFund. Currently the deputy fund manager, Mervyn takes control ofthe fund from today - 24 November 2003.

Veteran fund manager David Lis, who has managed the £215 millionfund for the past three years, will focus his attention on managingthe higher risk – higher outperformance target Norwich UKGrowth and Morley UK Focus Funds.

Mervyn Douglas, 28, joined Morley in November 2002 from SchroderInvestment Management and has been working as deputy fund managerto David Lis since that time. He has also been lead fund manager ofthe £79 million Norwich UK Income and Growth Fund for the pastyear.

Commenting on the promotion, Alan Gadd, Managing Director - UKand European Retail at Morley Fund Management, said: "At Morley, webelieve in developing our talent and Mervyn Douglas has theknowledge, skills and experience to become lead manager of theNorwich UK Equity Fund. We have been impressed by his disciplineand flair for managing mainstream UK equities and believe investorswill continue to benefit from Mervyn working together with DavidLis."

Norwich UK Equity Fund manager Mervyn Douglas said: "I’mlooking forward to further building up the performance track recordof the Norwich UK Equity Fund. My focus is FTSE 350 stocks, whileDavid Lis will concentrate on identifying emerging growthcompanies, which his retail funds have a bias towards. We do notanticipate any material changes to the Fund as the holdings alreadyreflect the fact that David and I have been working closelytogether for the past year."

The Norwich UK Equity Fund is NorwichUnion’s key equity fund for the 2004 Isa season. The fundholds between 50-60 stocks, with around 80% in ‘undervaluedgrowth’ stocks and around 20% in ‘specialsituation’ stocks.


For further information please contact:
Fiona Baker,Head of Corporate Communications 020 7809 8617
Morley Fund Management
mobile: 07736 883 832

Notes to Editors
About the Norwich UK EquityFund

  • Size: £215m
  • Annual Management Charge: 1.50% (Share class A)
  • Launch Date: 25th November 1974
  • Sector: UK All Companies
  • Benchmark: FTSE All-Share

Mervyn Douglas

  • Prior to joining Morley in November 2002 he worked forSchroders where he was UK Equity Fund Manager for a range ofPension Fund clients. Mervyn holds a BA (Hons) in law fromNottingham University and is a member of the Institute ofInvestment Management Research (IIMR).

David Lis

  • David joined the firm (as Norwich Union Investment Management)in 1997. Previously, he spent five years as a director of anInvestor Relations Consultancy advising a number of major UK andinternational companies on their financial communications. Davidhas gained considerable fund management experience from WindsorInvestment Management, a company he founded and managed; MorganGrenfell and J Rothschild Investment Management as a fundmanager; and NatWest as an investment analyst.


Lead Manager

Deputy FundManager

Norwich UK Equity

Mervyn Douglas

David Lis

Norwich UK Growth

David Lis

Mervyn Douglas

Morley UK Focus

David Lis

Mervyn Douglas

Norwich UK Income andGrowth

Mervyn Douglas

David Lis

Norwich UK EquityIncome

Scott McKenzie

David Lis


  • Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management businesswith over £107 billion* under management (as at 30.09.03). Itactively manages a diverse range of asset classes and employs inthe region of 900 staff worldwide based in London, Singapore andan 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 Aviva Funds brand.

*Not including mortgage assets
**Morley Fund Management International Limited, an Avivacompany


  • 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 forBest SRI Fund Manager and Best Fixed Income Fund Manager

Further information about Morley Fund Management can be found

Except where stated otherwise, the source of allinformation is Morley Fund Management as at (24.11.03)

The value of an investment in the Norwich Union UK EquityFund and any income from it can go down as well as up. You may notget back the original amount invested.

Calls may be recorded for training and monitoringpurposes.

Morley Fund Management is a business nameof Morley Investment Services Limited, registered in England No.1973412. A member of the Norwich Union Marketing Group, members ofwhich are authorised and regulated by the Financial ServicesAuthority for life assurance, pensions and investments. RegisteredOffice: No. 1 Poultry, London EC2R 8EJ. A member of the InvestmentManagement Association.

Morley Fund Management is also a businessname of Morley Fund Management Limited and Morley Fund ManagementInternational Limited. All are Aviva companies.

Contact us at Morley Fund Management, PO Box 530, YorkYO90 1WA.


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