Article date: 27 April 2006
Aviva plc (“Aviva”) announces that its UK-basedasset management business, Morley Fund Management(“Morley”), has agreed to acquire a 56% stake in hedgefund management company, ORN Capital, which will more than doubleMorley’s alternative funds under management to around US$1.1billion.
ORN Capital was founded in 1999 by Harald Örneberg with funds undermanagement in excess of US$600 million as at 1 April 2006.
Keith Jones, chief executive of Morley said: “We’reacquiring ORN Capital as a standalone business; one that broadensour offering to clients and accelerates the growth of ouralternatives business.”
Completion of the transaction is subject to the approval of theFinancial Services Authority and the Bermuda Monetary Authority.The deal is expected to complete no later than the end of June2006.
investor relations director
+44 (0)20 7662 8115
head of corporate communications (Morley)
+44 (0)20 7809 8617
head of group media relations (Aviva)
+44 (0)20 7662 8221
Notes to editors:
To read Morley's news release "Morley buys majoritystake in ORN Capital" please go to: http://www.aviva.com/index.asp?PageID=55&year=&newsid=2578&filter=
- Aviva is the world’s sixth largest insurance group basedon gross worldwide premiums and market capitalisation (at 31December 2004), and is one of the leading providers of life andpensions to Europe, with substantial positions in other marketsaround the world.
- Aviva’s principal business activities are long-termsavings, fund management and general insurance, with worldwidetotal sales of £35 billion and assets under management of £317billion at 31 December 2005.
- The Aviva media centre at www.aviva.com/media includes images,company and product information and a news release archive.
- Morley is the UK-based asset management business of Aviva plc.Firms within the Morley group of companies manage £156.2 billionfrom offices around the world as at 28 February 2006.
- Morley manages both institutional and retail funds under theMorley brand. It also acts as investment manager for a range ofretail investment funds, marketed in the UK under the NorwichUnion brand, and international funds marketed under the AvivaFunds brand.
- Based in London and headquartered in Bermuda, ORN Capital isan alternative investment management firm founded in 1999. ORNCapital has gross assets of £2.4 million and manages in excess ofUS$600 million on behalf of a wide range of institutionalinvestors including foundations, pension funds, funds-of-funds,private banks and family offices.
- The firm has grown steadily over the past seven years andpursues a range of investment strategies including event,distressed debt, debt equity, global resources and energy andmulti-strategy.