Aviva Morley Global Convertibles Fund rated AA/V4’ by S&P

Article date: 19 October 2007

Morley, one of the UK's leading active fund managers and the largest asset management business of Aviva plc, today announced that its Aviva Morley Global Convertibles Fund has received an investment-grade AA/V4 rating from Standard & Poor's.

The Fund, which reached the US$1 billion* mark in September, is one of the largest global convertibles SICAVs. It aims to outperform the UBS Global Costed Focus index by investing fully in convertibles.

Standard & Poor's said the investment grade rating reflects the Fund's experienced and well-resourced management team, made up of Tom Wills in London and David Clott and Shawn Mato based in Boston. David and Tom have managed the fund since it was created in April 2002, while Shawn joined them in 2004.

The investment team aim to identify convertibles that offer gains in rising equity markets as well as downside protection in falling markets. The focus on capturing these asymmetric return opportunities has proven extremely attractive to investors during periods of equity market volatility.

Morley's head of investment development, Paul Moody, said: "The rating from S&P and the continued asset growth of the Aviva Morley Global Convertibles Fund represents a huge endorsement of Morley's convertibles team and demonstrates the renewed appetite for this asset class. The value of the Fund has almost doubled in just over two and half years and we look forward to further growth.

"Morley recently launched a Euro-hedged share class of the Fund, which will open the fund up to a much wider range of European investors. This means that clients can gain exposure to convertibles without assuming the currency risk that is usually associated with an asset class that is so heavily weighted towards USD-denominated assets.

"The convertibles team runs the Global Convertibles Fund in parallel with the Morley Convertibles Bond Arbitrage Fund which has proven to be a major benefit. Convertibles markets are fairly evenly split between long-only and hedge fund investors, and understanding the way in which both camps look at the market tends to add an additional level of insight to our investment process".


* as at 28 September 2007, source: Morley. ** I-Class, source: Lipper Hindsight, Calculation Basis: Bid to Bid, Gross Income re-invested (USD). Past performance is not a guide to the future.

For more information contact:
Fiona Baker
Corporate Communications
Telephone: 020 7809 8125

Notes to editors:
Past performance is not a guide to the future. The value of an investment and any income from it can down as well as up. Investors may not get back the original amount invested.  

Copies of the Full and Simplified Prospectus together with the Report and Accounts of the SICAV are available free of charge from Morley Fund Management Limited, No. 1 Poultry, London EC2R 8EJ or from Aviva Fund Services, 34 avenue de la Liberté, 4th floor, L-1930 Luxembourg.  R.C.S. Luxembourg  B25708.

Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £165bn (€246bn) from offices around the world as at 31 March 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.


  • 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

Further information about Morley can be found at www.morleyfm.com

Back to top