Morley adds further fire power to UK equities

Article date: 7 November 2006

Morley Fund Management, one of the UK’s largest fundmanagers, has appointed Richard Colwell to a newly created positionof high alpha UK equity fund manager. This brings to five thenumber of newly created, top performing fund managers Morley hasadded to its UK specialist equities team this year.

Morley’s head of equities, Niall Paul said:“We’re continuing to add real fire power toMorley’s UK equities team with Richard’s appointmentbringing to five the number of top UK fund managers with provenhigh alpha expertise that we’ve hired in the last six months.We are serious about offering the market quality UK equity productsand these appointments underline confidence in Morley and itsstrategic direction.

“We’re delighted that Richard is joining us - he bringsa great set of skills plus a strong track record and he joins acredible team that is gaining rapid momentum in a changingmarket.

“Morley manages around £34 billion in UK equities forclients, accounting for around 2% of the UK stock market. I wantMorley’s equity products to be among the best available andRichard will initially be working on options for a newinstitutional fund."

Richard Colwell comes fromCredit Suisse where he managed the Growth & Income Fund and theCredit Suisse Managed Assets OEIC - both achieving top quartileranking in performance tables this year**. He has successfully runa number of segregated institutional pension funds for over fouryears with varying mandates. He had joint responsibility for the£2.4 billion in UK equities run for Sun Life of Canada togetherwith the Credit Suisse Pooled pension fund.

He joined Credit Suisse in June 2002 from Schroder InvestmentManagement where he was a portfolio manager for five years, runningUK institutional portfolios. Previously, Richard worked in theResearch Department at Schroders as an analyst covering thepharmaceutical sector. He started his career with the Bank ofEngland, working as an analyst in both the Economics and BankingSupervision divisions.

Richard starts at Morley in January 2007. The other four newlyrecruited UK fund managers are:

Chris Murphy joined from Axa Framlington where he worked as a fundmanager since 1993, most recently responsible for running growthmandated portfolios for institutional and retail clients. Chris hasmanaged the Framlington UK Growth Fund which delivered firstquartile performance in 2005*.

Mervyn Douglas joined Morley from LGIM where he had been working asa fund manager since early 2005. He previously worked at Morleyfrom November 2002 and was lead manager on the Norwich UK EquityFund. Mervyn managed the LGIM Growth Trust Fund which deliveredfirst decile performance in 2005*.

Ian Lancaster joined Morley from Progressive AlternativeInvestments Limited, where he managed the Elite MoneyGuru Incomewith Growth Unit Trust and Stockbridge – a small and mid capequity long/short hedge fund. Prior to this he was head ofinvestment at MG Capital plc and previously Smaller CompanyInvestment Manager for General Accident. He brings 17 years’fund management experience to the team and a very strong trackrecord.

James Follows most recently worked alongside Ian Lancaster asassistant fund manager and has 16 years of fund managementexperience. Prior to Progressive Alternative Investments, James washead of research and assistant fund manager at MG Capitalplc.

All five fund managers report to Morley’s head of UKspecialist equities, David Lis.

Morley was named Best Firm Operating in Wealth (asset and hedgefund management, private banking) this month in the Here Is TheCity Best Place to Work Survey 2006.***

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*Source, S&P's Micropal, % change, offer to offerbasis, GBP. Past performance is not a guide to the future.
** Source, Lipper Hindsight 5, period to 20 October 2006.Calculation basis: offer to offer, income reinvested at offer, netof fees. Past performance is not a guide to the future.
*** www.hereisthecity.com

For more information contact:
Strahan Wallis
Corporate Communications Manager
Telephone: 020 7809 8618

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 £162bn fromoffices around the world as at 30 Septmber 2006.

Morley manages both institutional and retail funds under the Morleybrand. It also acts as investment manager for a range of retailinvestment funds, marketed in the UK under the Norwich Union brand,and international funds marketed under the Aviva Funds brand.

Awards

  • 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.

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

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