Morley Singapore creates new role of Chief Executive

Article date: 2 July 2001

Morley Fund Management ('Morley'), a leading UK-based assetmanagement company, has further strengthened its Asian team withthe appointment of Steven Choy as Chief Executive Officer of MorleyFund Management (Singapore) Limited ('Morley Singapore'), witheffect from 1st June 2001. The position is a new one, reflectingMorley's growing ambitions in the region.

Mr Choy, who has more than 15 years' experience of working infinancial services in Asia, joins Morley from CGU Asia inSingapore, where he was Planning and Finance Director Asia. He waspreviously General Manager Malaysia for Commercial Union, havingjoined what is now the CGNU Group in 1995 from Credit Corporation.Mr Choy obtained a BComm from The University of New South Wales,Australia and an MBA from Oklahoma City University, USA.

Mr Choy, who was previously a non-executive Director of MorleySingapore, will be responsible for leading the Company's operationin Singapore and developing its strategy across Asia (ex Japan).Singapore has been identified as a key hub for future Asian assetmanagement development by Morley. Morley Singapore currentlymanages Asia-Pacific equity portfolios totalling almost S$4.8billion (U$2.66 billion), primarily for overseas investors, inaddition to distributing Morley's international products to Asianinstitutional clients.

Andrew Kwek, Managing Director of Morley Singapore, continues tobe responsible for the Company's regional sales and marketingactivities, and Sheree Tan continues to head the fund managementteam as Chief Investment Officer. Both will report to Mr Choy.

Commenting on the appointment, Keith Jones, Chairman ofMorley Singapore, said: 'We are delighted to welcome Steven tohis new role as leader of Morley's team in Singapore. His knowledgeand experience of financial services in Asia will greatly assistMorley in achieving our ambitious goals in the region. Hisappointment reflects our commitment to develop a strong base inSingapore, with a business led and executed by high qualitypeople.'

Commenting on his appointment, Mr Choy said:
'I am very much looking forward to the challenge of rapidlydeveloping Morley's operation in Asia. The Company has establisheditself in Singapore over a number of years, and is now looking toexpand rapidly worldwide. It's a very exciting time to be joiningMorley.'

- Ends -

For further information please contact:


Morley Fund Management

Vicki Rhind, Head of MarketingCommunications020 7809
Steven Choy, Chief Executive Officer,Singapore+ 65 232 5086
Scotchbrook - BSMG Worldwide(Singapore) 
Joanne Chong, Consultant+ 65 235 3121

Notes to Editors

Morley Fund Management is an independently managed, Londonbased, asset management business with £104 billion undermanagement. It has investment professionals based in Boston, Tokyo,Singapore and an associate office in Dublin.

Morley is wholly owned by the CGNU Group and managesinstitutional funds under the Morley brand. It also acts asinvestment manager for a range of retail investment funds, marketedunder the Norwich Union brand.

CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK's largest insurance group and one of the top-fiveinsurers in Europe with substantial positions in other marketsaround the world, making it the world's sixth largest insurer basedon gross worldwide premiums.

Morley Fund Management is a business name ofMorley Fund Management Limited (incorporated in England withRegistered No. 1151805 and Registered Office 1 Poultry London EC2R8EJ) and Norwich Union Investment Management Limited (incorporatedin England with Registered No. 2152949 and Registered Office 8Surrey Street Norwich NR1 3NG) both regulated by IMRO in theconduct of investment business in the United Kingdom and members ofthe CGNU Group.

Issued by Morley Fund Management and MorleySingapore.

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