Article date: 20 December 2004
Morley Fund Management, one of the UK’slargest fund managers and the UK-based investment arm of Aviva,will launch its first hedge fund managed and invested in Poland,the Central European Long Short Fund.
The fund will be managed by Morley’sWarsaw-based investment office, Commercial Union InvestmentManagement Polska (CUIM Polska), which manages €2.1 billionof assets (as of 30 September 2004).
Rafal Janczyk, head of equities at CUIM Polska,will manage the new fund. Rafal currently manages a number ofPolish equity funds on behalf of CUIM Polska clients including lifefunds and mutual funds. The Commercial Union Polish equity mutualfund has delivered an annualised return of 37.4% compared withWarsaw Stock Exchange 20 Index (WIG-20) return of 12.7% sincelaunch in April 2002 (Source: Standard & Poors).
The Central European Long Short fund will initially invest inPolish equities, but may also expand to include investments inother Central European markets. Morley began marketing the Fund inNovember 2004 for launch in February 2005 and aims to raise€120 million. The fund is open to European institutionalinvestors and high net worth individuals and will be denominated ineuros, with shares available for issue in euros, US dollars andpounds.
Commenting on the launch of the Fund, Ian Ainscow, head ofinternational business development at Morley Fund Management, said:"The EU accession earlier this year has resulted in increasedinvestor interest in Central European economies. The launch of theAviva Funds Central European long short fund allows Morley to offerclients access to the skills we have built in Warsaw in the lastseven years.
"We have seen increased demand for alternative investmentproducts and the launch of this fund offers new diversificationpossibilities to a range of sophisticated investors."
Past performance is not a guide to thefuture.
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Morley Fund Management
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Notes to Editors
Morley Fund Management
- Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management businesswith over £118 billion* under management (as at 30.09.04). Itactively manages a diverse range of asset classes and employs inthe region of 700 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
- 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 foundat www.morleyfm.com