Morley signals expansion into China

Article date: 15 March 2007

Morley, one of the UK’s largest active fund managers, hassignalled its interest in expanding into China by appointing WalterLin as head of strategic development – China to be basedinitially in Beijing.

Walter joined Morley in February and will be responsible forestablishing an asset management presence for Morley in Chinathrough a joint venture vehicle.

Currrently, Aviva operates a joint-venture life insurance businessin China with China National Oils, Foodstuffs Cereals Corporation(COFCO). Aviva-Cofco has businesses across 15 cities in China andis ranked 5th in premium terms among 25 foreign JV lifeinsurers.

According to Morley’s chief operating officer Nick Alford,Walter’s appointment highlights Morley’s commitment tosupporting its parent Aviva’s ambitions for growth in theAsia Pacific region.

“Asia is a high growth market and Morley is looking toestablish an asset management presence in China in particular. Asthe largest fund management company in the Aviva group, Morleylooks forward to establishing this presence in China.

“The Chinese asset management market currently manages US$125billion of assets but is growing rapidly in line with the overallChinese economy. Liberalisation of the markets will broaden furtherthe opportunities for domestic and foreign investors.

“As the market develops we expect asset managementopportunities to increase in the developing pensions, insurance andinstitutional markets, as well as the already buoyant mutual fundmarket. The market is predicted to increase ninefold over the next10 years, to US$1.1 trillion, particularly as Chinese consumersseek to generate higher returns from the US$2 trillion currentlyheld in bank deposits.

“Walter's knowledge of the asset management industry in Chinawill be invaluable to Morley and we look forward to working withhim,” he said.

Walter has considerable experience in the securities and assetmanagement industries in China and was most recently president andCEO of the ABN AMRO Teda Asset Management Company in Beijing.

Prior to this, he was chief investment strategist at XiangCaiSecurities Company Limited in Shanghai and also held a number ofother financial research and analysis positions in both China andthe USA.

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For more informationcontact:
BethSaint - Corporate Communications
Telephone: 020 7809 8125
Morley

Notes to editors:

Morley
Morley is the UK-based asset managementbusiness of Aviva plc. Firms within the Morley group of companiesmanage £165 billion (€246 billion) from offices around theworld as at 31 December 2006.

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 Week DEALAwards 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

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

About Aviva
Aviva is the world’sfifth-largest insurance group (based on gross worldwide premiumsfor the year ended 31 December 2005) and the largest insuranceservices provider in the UK. We are one of the leading providers oflife and pension products in Europe and are actively growing ourlong-term savings businesses in Asian markets, Australia and theUSA.

Aviva’s principal business activities are long-term savings,fund management and general insurance, with worldwide total salesof £41.5 billion and assets under management of £364 billion at 31December 2006.

With a presence in Asia since 1880, Aviva’s main focus arelong-term savings and investments with major operations inSingapore, China, India and Hong Kong.

In China, Aviva has a 50:50 joint-venture with China NationalCereals, Oils and Foodstuffs Import Export Corporation (COFCO). TheJV was formed in 2003 and today, Aviva-Cofco has operations across15 cities in China. It is now ranked 5th out of 25foreign life insurers in premium terms.

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