Morley expands in Europe - opens office in Germany

Article date: 5 February 2007

This week Morley Fund Management, one of Europe’s leadingfund managers, announced the opening of a branch office inGermany.

Located in Frankfurt, the office will focus on selling a range ofMorley managed products including the Aviva Morley SICAV rangerecently approved for distribution in Germany. The office willsupport Morley's clients in the region and expand relationshipswith German, Swiss and Austrian distributors andinstitutions.

The addition of a German sales office brings the total ofMorley’s European distribution teams to five with otheroffices located in London, Milan, Madrid and Warsaw.

According to Adam Lessing head of European business development atMorley the opening of a sales office in Germany is a naturaldevelopment as well as a key milestone for Morley’s expansionplans in Europe.

"Germany is the second largest domestic market for mutual funds inEurope*. There is significant demand for property and absolutereturn funds in this region. Morley’s size and market leadingexpertise in these areas makes Germany is a natural step for ourEuropean plans.

"We recognise that a permanent sales presence and focussedcommitment is needed to successfully penetrate this market. Theunderstanding of local specificities and the ability to recruittalented people with local knowledge will be crucial to our successin this market.

"We are clearly not the first European manager to enter Germany butwe bring unique skills to the market. We manage more than €40billion of property funds - making us the largest property fundmanager in Europe*** – and more than €150 billion oftactical asset allocation mandates. The depth and quality of ourproduct range also supports our long-term plans in thismarket,” he said.

James Tanner, managing director responsible for distribution andalternatives at Morley said: “This is an importantdevelopment for Morley. European mutual fund assets now total over€4.0 trillion and are forecast to increase**. A German salesoffice accelerates the growth of our European business andcomplements our existing sales offices in the markets of Spain,Italy and Poland.

“2006 saw sales in Europe increase dramatically bringing thetotal funds managed in the Aviva Morley Funds SICAV range to€5 billion. We plan to grow this significantly in 2007 andbeyond and ultimately become a leading provider of cross-borderproducts in Europe,” James said.

The appointment of sales staff including a country head for theGerman office is ongoing.

-ends-

*Source: FERI Fund Market Information Ltd, ranked by nettotal assets, October 2006

** Source: FERI Fund Market Information Ltd, January 2006

FERI FMI is a mutual fund market analysis and research publishingcompany specialising in all aspects of the domestic, pan-Europeanand cross-border fund marketplaces. FFMI is a subsidiary company ofFERI Rating & Research GmbH one of Europe's leading fundanalysis and independent wealth management companies. The FERIgroup of companies manages or advises assets in excess of€200 billion.

*** Source: Oxford Property Consultants, December 31 2005

For more information contact:
Beth Saint
Corporate Communications
Telephone: 020 78098125

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 or€239bn from offices around the world as at 30 September2006.

Morley manages both institutional and retail funds. It also acts asinvestment manager for a range of retail investment funds, marketedin the UK under the Norwich Union brand and in Europe under theAviva brand.

Awards

  • Equity End User of the Year – Derivatives WeekDEAL Awards 2006
  • 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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