Article date: 23 January 2006
JPMorgan Asset Management to run fund that blends growth andvalue styles
Norwich Union is to launch a new investment fund designed tooutperform in all stock market conditions.
The £200m Norwich UK Growth and Value fund has been designed solelyfor Norwich Union and will be managed by JPMorgan Asset Management(JPMAM). It will use a distinctive investment approach combininggrowth and value strategies in a single portfolio.
Growth investing, where managers look for stocks where earnings aregrowing faster than the market supported by good news, and valueinvesting, where managers invest in stocks that are fundamentallysound but out of fashion, typically outperform over various marketconditions.
Combining these two styles in one portfolio enables each style tocomplement each other with the aim of achieving consistentoutperformance.
The Norwich UK Growth and Value fund will be launched on 6 March2006 and managed by Chris Complin and Michael Barakos, managers ofJPM Premier Equity Growth, JPM Europe Strategic Growth and Valuefunds. They will be supported by a team of 35 investmentprofessionals.
Neil Davies, director of investment at Norwich Union, said:“This is an exciting fund launch that will interest advisersand their customers who are looking for growth, but who want a fundthat is flexible and makes the most of different market conditions.Norwich Union selected JPMorgan Asset Management because it is apioneer of this style of investment. This fund offers our customersfurther choice and demonstrates our clear commitment to them andalso to this market.”
Campbell Fleming, head of UK Business at JPMorgan Asset Management,said: “We are delighted that JPMorgan Asset Management hasbeen selected by Norwich Union from a competitive field of leadingUK fund managers, and very much look forward to working togetherwith them.”
The fund launch is part of Norwich Union’s ongoing drive todevelop its investment range and increase sales of collectiveinvestments. In the past 12 months it has:
- Launched four manager of managers funds
- Launched an online portfolio planner
- Appointed John Clougherty as director of collectiveinvestments
- Announced that James Dalby will join Norwich Union
- Added three fund of funds to its Isa range.
Press office contacts:
David Gwyer 01904 452828 Outof hours 07800 699508
James Evans 01904 452791 Out of hours 07800 699525
JPMorgan Asset Management press contact:
Jane D rew 0207742 6326 Out of hours 07870 689917
Notes to editors:
About the Norwich UK Growthand Value fund
Approximate number of holdings: 220.Benchmark: FTSE All-Share index. Initial charge 5%, AMC 1.1%, TER1.64%.Standard initial commission 3%, renewable commission 0.5%pa.Investment levels for ISA investors: lumps sums £500, regularmonthly savings £50.
About the fund managers
Chris Complin -Chris joined JPMorgan in 1998 and is now chief investment officerof the JPMorgan Asset Management European Equity Group. He is oneof the most highly- regarded fund managers in the UK and isresponsible for the management of European and UK large cap andstyle funds. Prior to this he was responsible for quantitativeanalysis in the European Equity Group.
Michael Barakos - Michael has been with JPMorgan since 1999and is a portfolio manager within the JPMorgan Asset ManagementEuropean Equity Group. Michael obtained a BSc (Hons) in Economicsfrom the London School of Economics and Political Science. He is aCFA charter holder. Currently rated A by Citywire.
About JPMorgan Asset Management
JPMorgan AssetManagement is part of JPMorgan Chase & Co and is a global assetmanagement leader providing world-class investment solutions toclients. With US$847 billion in assets under management (the AssetManagement client funds of JPMorgan Chase & Co as at 31 Dec2005) and offices in 39 locations around the world, JPMorgan AssetManagement offers global coverage with a strong local marketpresence, and leadership positions in most asset classes.
About the Norwich Union
Norwich Union isone of the UK's biggest insurers. It is a leading provider of life,pensions and investment products and one of the largest FinancialAdviser (FA) providers. FAs provide over 70% of the company'slong-term savings business in the UK.
Norwich Union has strategic alliances with building societies andother leading UK brand names including CIS and The Royal Bank ofScotland Group. Norwich Union’s news releases and a selectionof images are available from Aviva's internet press centre atwww.aviva.com/media.