Article date: 18 September 2006
Morley Fund Management has today appointed Niall Paul as head ofequities. He will report directly to chief investment officer (CIO)Katherine Garrett-Cox. Previously Niall was head of emergingmarkets and Asia at Morley.
Katherine Garrett-Cox, chief investment officer at Morley FundManagement, said: “Niall Paul is already a highly respectedmember of the equities team and has delivered not only a successfulinvestment process but also excellent performance across ouremerging markets funds. We want to see that approach replicatedacross the whole equities department and I believe he has the rightskill set to do it.”
Niall has been promoted because of his track record leadingMorley’s successful Emerging Markets and Asia team. He hasbeen with the company for seven years (see achievements below) andhas strong views on how the fund management industry approachesinvestment.
Niall takes over from Tim Thomas who has left the company.
Garrett-Cox added: “Across all our asset classes, theinvestment team has made good progress over the last two years. Wehave won a number of new equity mandates this year and seen someexcellent performances within UK, European, and global funds.
"We have also recently recruited a number of high profile andhighly regarded UK equity fund managers. But there is always moreto do and I am confident Niall has the right qualities to lead theteam in the next stage of its development."
As head of equities at Morley, Niall will oversee more than £34bnof Morley’s £156.8 billion assets under management acrossactive UK, European, US, emerging markets, Asian and globalequities, including socially responsible investments. He will haveoverall responsibility for Morley’s equity investment processand performance. Working with Morley’s distribution team, hewill also focus on maximising the commercial potential ofMorley’s equity products.
Niall Paul, head of equities at Morley Fund Management, said:“I want Morley’s equity products to be among the bestavailable in the market. To do that we need to embrace afundamental shift in the industry: it is not enough for active fundmanagers to comfortably hug benchmarks. I want more fund managersinvesting to win, rather than investing not to lose. Many ofMorley’s fund managers’ strongest convictions arewinners; we need the confidence to truly back them within themandates given to us by our clients.
“My immediate priorities include reviewing each team’sprogress and performance, looking at how well we are meeting clientexpectations and making any changes that become immediatelyapparent and appropriate. We will focus on building a winning teamthat delivers what our clients want, fund by fund over the longterm.”
Niall joined Morley in 1999 after four years with Foreign &Colonial Emerging Markets as a fund manager. He holds a BEng (Hons)in Civil Engineering from the University of Liverpool and is anAssociate of the UKSIP.
Emerging Market Equities
Under Niall’sstewardship Morley’s emerging markets funds have hadaward-winning performances in three of the last five years:
- S&P Micropal for 2002 (first place)
- Lipper Fund Awards, Singapore, one and five year performanceaward 2005, 2006
- Personal Finance Awards 2005, South Africa, one and threeyears for the European Convergence Fund
- As at July this year the Aviva Emerging Countries Equity Fundis ranked first quartile over one, two, and three years, andsecond quartile over five years. It has delivered 37% per annumgross return over three years and gross out-performance of 3.36%per annum
- Funds under management in the Emerging Markets and Asia teamhas grown by over 10 times under Niall’s management.
Niall will continue to manage the EmergingMarkets and Asia team until a suitable replacement is found.
Morley employs 44 equity investment professionals (as at 30 June2006).
For more information contact:
Telephone: 020 78098618
Notes to editors:
Morley Fund Management
Morley Fund ManagementLimited is the UK-based asset management business of Aviva plc.Firms within the Morley group of companies manage £156.8bn fromoffices around the world as at 30 June 2006.
Morley’s asset classes can be broken down to:
- £54.7bn invested in equities, with £20bn of that invested inpassive and quant equities
- £26.5bn invested in property
- £56.5bn invested fixed income
- The rest invested across a growing alternatives business and theremainder in cash, private equity and a range of otherspecialist areas.
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 Norwich Unionbrand, and international funds marketed under the Aviva Fundsbrand.
- Property Fund Manager of the Year, Pensions Management Awards2006
- Best Commitment to Raising Standards of Trustee Education,Engaged Investor Awards 2006
- Property Fund Manager of the Year, Property Week Awards2006
- SRI Provider of the Year, Global Pensions 2006
- Central European Property Awards 2005 - Outstanding Company ofthe Year & Investor of the Year
- UK Pensions Awards 2005 – Property Manager of theYear
- 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
Further information about Morley Fund Management can be found atwww.morleyfm.com