Norwich UK Income Opportunities fund investment strategy aligned with Norwich UK Equity Income fund

Article date: 5 November 2007

  • Daniel Roberts to manage both funds

The investment strategy of the Norwich UK Income Opportunities fund will be aligned more closely with the approach of the Norwich UK Equity Income fund, which is also managed by Daniel Roberts and A rated by Standard & Poor's.

Dan Roberts said: "The fund will have a focussed list of around 30 stocks and will look to invest across the market cap spectrum. It will invest in small cap where appropriate, but holdings will be predominantly within the FTSE 350 universe."

David Lis, head of UK equities, said: "The long term track record of the Norwich UK Income Opportunities fund is very good; but in recent months the fund performance has suffered mainly as a result of its investment focus in the small cap segment of the market. This review of the investment strategy will leave us better placed to meet our objective of a consistently high level of income with capital growth."

The Norwich UK Income Opportunities fund was previously managed by Ian Lancaster. The change in fund manager is effective from 15 October 2007. Both the Norwich UK Income Opportunities fund and the Norwich UK Equity Income fund are managed by Morley.

-ends-

Press office contacts:

Morley
Fiona Hill
Telephone: 020 7809 6296

Norwich Union
Lucy Grubb
Telephone: 020 7662 3624

Notes to editors:

The value of investments can go down as well as up, and you may not get back your original investment.

About the Norwich Income Opportunities fund
Launched on 28 February 2002, the objective of the fund is to achieve a consistently high level of income, with capital growth, through investment in a diversified portfolio of UK equities.

As at 30 September 2007:
Fund size - £46.98m
Sector - UK Equity Income
Benchmark - FTSE All Share
Running yield - 2.98%

About the Norwich UK Equity Income fund
Launched on 28 April 1989, the aim of the fund is to provide an income level above that of the overall UK stockmarket (as measured by the FTSE All Share Index).

As at 30 September 2007:
Fund size - £651.14m
Sector - UK Equity Income
Benchmark - FTSE All Share
Running yield - 3.57%

Daniel Roberts biography
Daniel Roberts joined Morley in 2003. Previously he worked as a UK institutional equity fund manager at Invesco Asset Management and as an equity analyst at M&G Investment management. He holds a BSc (Honours) in Mathematics from Warwick University, is a member of the Institute of Chartered Accountants and is a CFA Charterholder.

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's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.

About Morley
Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £168bn (€250bn) from offices around the world as at 30 June 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 property team manages in excess of £32bn (€48bn) of UK and European property assets.

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