Article date: 6 February 2008
This week Morley Fund Management, one of the leading fund managers in Europe, announced the opening of a branch in Germany.
Located in Frankfurt, the office will focus on selling a range of Morley managed products including the Aviva Morley SICAV range recently approved for distribution. The branch will be responsible for providing support for Morley's clients in the region and expanding links with distribution partners and institutional investors in Germany, Austria and Switzerland.
The addition of a German sales office brings the total of Morley's European distribution teams to five, with other offices located in London, Milan, Madrid and Warsaw.
According to Adam Lessing, head of European business development at Morley, the opening of a branch in Germany is a natural development as well as a key milestone for Morley's expansion plans in Europe.
"Germany is the second largest market for mutual funds in Europe*. There is significant demand for property funds and absolute return funds in the region. Morley's size and our expertise in these areas makes expansion in Germany a natural step for our European plans."
"We are convinced that a permanent sales presence and focused commitment is needed to successfully penetrate this market. The understanding of local specificities and the ability to recruit talented people with local knowledge will be crucial to our success in this market.
"We are obviously not the first European fund manager to enter the German market but we bring unique skills to the market. We manage more than €40 billion of property funds - making us the largest property fund manager in Europe - and more than €150 billion of tactical asset allocation mandates. The depth and quality of our product range also supports our long-term plans in this market," says Lessing.
James Tanner, managing director responsible for distribution and alternatives at Morley, said: "This is an important development for Morley. Continental European mutual fund assets now total over €4.0 trillion and are forecast to increase **. A German sales office accelerates the growth of our business in continental Europe and complements our existing sales offices in the markets of Spain, Italy and Poland.
"2006 saw sales in continental Europe increase dramatically bringing the total funds managed in the Aviva Morley Funds SICAV range to €5 billion. We plan a further significant increase in this figure in 2007 and ultimately become a leading European provider of cross-border products in Europe," says Tanner.
Sales staff and a country head for the German office are currently being appointed.
*Source: FERI Fund Market Information Ltd, ranked by net total assets, October 2006
** Source: FERI Fund Market Information Ltd, January 2006
FERI FMI is a mutual fund market analysis and research publishing company specialising in all aspects of the domestic, pan-European and cross-border fund marketplaces. FFMI is a subsidiary company of FERI Rating & Research GmbH one of Europe's leading fund analysis and independent wealth management companies. The FERI group of companies manages or advises assets in excess of €200 billion.
*** Source: Oxford Property Consultants, 31 December 2005