Article date: 7 September 2004
Morley Fund Management has moved the management of the US highyield bonds portion of its £122m Norwich Managed High Income Fund(MHI) to its fixed income team in Boston. The £40m portfolio willbe managed by Dan Fasciano, head of fixed income in Boston.
The Norwich Managed High Income Fund invests in US and Europeanhigh yield and emerging markets. The fund’s lead manager,Roger Webb, oversees the performance of the fund and determines theasset allocation. The fund’s sub-portfolios are managed byspecialist managers from Morley’s 50-strong fixed incometeam.
Managed High Income Fund sub-porfolios:
Portion of total fund
Asset Allocation / Lead manager / UK high yield
US high yield
European high yield
Emerging high yield
The Boston office’s management of the US high yield assetswill provide local expertise in the US$600 billion (£375 billion)US credit market. A strong presence in this market - which formsaround 60% of the global credit market - is central toMorley’s strategy of creating a global fixed incomecapability. Dan Fasciano leads the team of eight and the take on ofthese high yield assets will complement their existing investmentgrade portfolios.
Paul Mingay, head of credit at Morley Fund Management, said: "Wehave hired eight people to our credit team in Boston since thestart of 2003 and they are now at full strength to take on themanagement of the US high yield assets of the Norwich Managed HighIncome Fund.
Our strategy for the fund is to use the breadth and depth of ourteam to create performance in a dynamic and modern way."
Roger Webb, fund manager of the Norwich Managed High IncomeFund, said: "The Managed High Income Fund benefits from havingspecialist teams responsible for each of the individual assetclasses. With Morley’s team in Boston now managing the UShigh yield portfolio, the Norwich MHI is a truly global fund. With35% of the fund managed from the US, they can use their localknowledge and access to maximise returns for clients."
For further information pleasecontact:
Corporate communications manager
Morley Fund Management
Tel: 0207 809 8618
Notes to editors:
Morley’s Credit Team:
Paul Mingay - head of credit
Roger Webb - fund manager
Anne Elkington - fund manager
Mark Gull - fund manager
Stephen Lee - fund manager
Andre Mazzella - fund manager
Caroline Brown - head of credit analysis
Donna Cabral - credit analyst
Chris Higham - credit analyst
Nataliya Zalyesova - credit analyst
Cirine El Husseini - credit analyst
Laurent Frings - credit analyst
Kumar Ghosh - credit analyst
Dan Fasciano - fund manager
Mike Barclay - credit analyst
Ken Berliln - credit analyst
Dan Gilbert - credit analyst
Dennis Woessner - credit analyst
John Harzich - credit analyst
Chris Langs - credit analyst
Chris Palmiter - fund assistant
Morley Fund Management
Morley FundManagement ('Morley') is an independently managed, London based,asset management business with over £114 billion* under management(as at 30.06.04). It actively manages a diverse range of assetclasses and employs in the region of 900 staff worldwide based inLondon, Singapore and an associate office in Boston**.
Morley is a wholly owned subsidiary of the Aviva Group and managesboth institutional and retail funds under the Morley brand. It alsoacts as investment manager for a range of retail investment funds,marketed in the UK by Norwich Union, and international fundsmarketed under the Aviva Funds brand.
*Not including mortgage assets
**Morley Fund Management International Limited, an Avivacompany
- Property Week Awards 2004 - Best Property Fund Manager
- Pensions Management Provider Awards 2003 - Best Property FundManager
- 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)– S&P's 2002
- Sustainable and Ethical Investment and Asset Management Award- Liveable City Awards 2002
Further information about Morley Fund Management can be found atwww.morleyfm.com.