Morley takes further steps to reshape investment team with new equity research structure

Article date: 26 October 2004

Hires US equities team

Morley Fund Management (Morley), one of the UK’s largestfund managers, took further steps to reshape its investment teamtoday with the creation of a new structure for its equity researchanalysts. Morley also announced the appointment of two fundmanagers in London to manage US equities.

The change of structure in equity research will see theintegration of fund managers and analysts into smaller, morecollaborative teams. This model has already worked well forMorley’s recently formed UK Specialist and Small Caps team aswell as the SRI and Emerging Markets Equities teams. The plan is toextend it across the UK Core, European, US and Global Equitydesks.

Katherine Garrett-Cox, chief investment officer of Morley FundManagement, said: "We began reshaping our investment division inJune following a strategic review. These further changes continuesour move towards smaller, collaborative teams to more effectivelypool our investment expertise.

"We are working to create a structure and a culture that givesus clearer focus and an investment process that blends the best ofa disciplined approach with flexibility, flair andcommerciality.

"We believe that closer alignment between fund managers andanalysts leads to a greater sense of combined ownership.Fundamentally, these changes are all about improving performance bygetting the best investment ideas into the portfolios faster."

The first part of the restructuring in June followed a strategicreview of the equities fund management teams and overseas officeswhich identified sectors for focus and highlighted areas that wouldrequire a change in resource.

The new structure redefines the role and impact of equityanalysts and should be in place by the end of November.

US equities appointments
In addition to the equityresearch team changes, Morley has now hired two new fund managersto manage US equities in London.

Morley has appointed Penny Kyle as head of US Equities and AlexIngham as US equities fund manager.

Penny joins on 1 November from American Express Asset Management(AEAM) where she managed North American and Global Equityportfolios since 2000. During her four years at AEAM, Penny spenttime working in Tokyo and for Threadneedle Asset Management, afterit had been acquired by American Express. Prior to this Penny washead of the US Equity team at Groupama Asset Management for 18months, having started her career at Govett Asset Management in1993 as a graduate trainee.

Alex will join Morley on 11 November from Aberdeen AssetManagement where he has been head of North American Equities fortwo years, overseeing $2 billion of investments and working with ateam of three fund managers. Before this, Alex spent two years as aNorth American fund manager, managing the Aberdeen North AmericanUnit Trust. Prior to Aberdeen Asset Management, Alex was at HillSamuel Asset Management where he joined as a graduate in 1997 andprogressed to investment manager for American Equities by2000.

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

Notes to Editors
Morley Fund Management

  • Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management businesswith over £114 billion* under management (as at 30.06.04). 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

Awards

  • Property Week Awards 2004 – Best Property FundManager
  • Pensions Management Provider Awards 2003 – Best PropertyFund Manager
  • 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

Further information about Morley Fund Management can be found atwww.morleyfm.com

Contact us at Morley Fund Management, No. 1 Poultry, London EC2R8EJ.

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