Cabral to succeed Mingay on flagship Norwich Corporate Bond Fund

Article date: 2 July 2007

Norwich Union has named Morley's Donna Cabral as the lead manager on the Norwich Corporate Bond Fund replacing Paul Mingay. With more than 10 years investment experience, Donna will be taking the lead role immediately.

This change follows Paul Mingay's move to head up the newly created Solutions and Structures team at Morley. Paul will be responsible for managing a large portion of Norwich Union's bond assets in the life and annuity funds, and will aim to develop more innovative solutions for assets not managed against traditional market indices.

Donna Cabral, fund manager at Morley, said: "This is a great move for me, having worked alongside Paul for over 18 months. The fund has delivered strong performance for investors since launch in July 1995 and I intend to keep it that way.

"We use a team based approach on the fixed income desk at Morley and there is a high degree of cross over in all the fixed income managed portfolios. This approach ensures fund manager moves create minimal  impact on the way funds are managed."

Neil Davies, director of marketing investments at Norwich Union, said: "We are pleased that Donna has taken the lead on the Norwich Corporate Bond fund. Norwich Union is committed to delivering strong performance and have every confidence that Donna will continue to do this for our existing and new customers."

Donna's promotion follows other recent changes announced in April. A number of Morley's most talented fund managers were promoted from within the team to manage funds in the Norwich fixed income range.

Roger Webb was appointed manager on the Norwich Monthly Income Plus fund. He already runs two successful retail funds - the Norwich Managed High Income and the Norwich Higher Income Plus.

Dominic White was appointed manager on the Sustainable Future Corporate Bond fund and the Norwich Distribution fund. He has more than 10 years investment experience and has worked closely with Roger Webb and Mark Gull managing the high yield components of both these funds.

Stephen Lee will manage the Norwich Preference Share fund - he has more than 20 years investment experience and currently manages the Aviva Morley European Corporate Bond Fund.

Fund manager changes summarised:

Norwich Funds

New Manager

Previous Manager

Norwich Corporate Bond fund

Donna Cabral

Paul Mingay

Norwich Managed High Income Fund

Roger Webb

No Change

Norwich Higher Income Plus Fund

Roger Webb

No Change

Norwich Monthly Income Plus Fund

Roger Webb

Mark Gull

Norwich Preference Share

Stephen Lee

Mark Gull

Norwich Sustainable Future Corporate Bond Fund

Dominic White

Mark Gull

Norwich Distribution Fund

Dominic White

Roger Webb


For more information please contact:

Beth Saint 020 7809 8125 or 07985 764 779

Norwich Union
Lucy Grubb 020 7662 3624 or 07800 691 935

Notes to editors:

About the fund
The Norwich Corporate Bond fund is available as a sub-fund of the Norwich Union Investment Funds ICVC (OEIC). Investment into the fund is provided by Norwich Union Collective Investments Limited. The appointed investment adviser of the Fund is Morley Fund Management Limited.

The fund's aim is to provide a long term total return above that available on UK Government securities. Diversified investment in Sterling denominated debt securities issued by governments, supranational institutions and corporates. Current fund size is £920.6m (31 May 2007) and it was launched on July 6th, 1995.

The value of an investment and the income from it can go down as well as up and is not guaranteed. Past performance is not a guide to future performance.

About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.

Norwich Union is the UK's largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.

Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at

About Morley
Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £169bn from offices around the world as at 30 April 2007.  

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

The fixed income team manages in excess of £56bn of assets as at 30 April 2007.


  • Property Fund Manager of the Year - Professional Pensions Awards 2007
  • Fixed Income hedge fund of the year (Morley's G7 Fixed Income Fund) - Eurohedge Awards 2007
  • Equity End User of the Year - Derivatives Week DEAL Awards 2006
  • Property Fund Manager of the Year, Pensions Management Awards 2006
  • Best Commitment to Raising Standards of Trustee Education, Engaged Investor Awards 2006
  • Property Fund Manager of the Year, Property Week Awards 2006
  • SRI Provider of the Year, Global Pensions 2006
  • Central European Property Awards 2005 - Outstanding Company of the Year & Investor of the Year
  • UK Pensions Awards 2005 - Property Manager of the Year
  • Property Week Awards 2004 - Best Property Fund Manager

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