Morley makes strategic board appointments

Article date: 23 August 2001

Morley Fund Management ("Morley") has underscored its commitmentto becoming one of the major global fund management players throughtwo board level appointments with international responsibilitiesreporting to Keith Jones, Managing Director of Morley.

Malcolm Le May (43) has been appointed as Managing DirectorInternational with responsibility for all Morley's businessdevelopment activities in the Americas, Asia and the Pacific Rim.Malcolm was formerly Deputy Chief Executive and Global Head ofCorporate and Institutional Finance at ING Barings, where he wasresponsible for devising the strategic plan for the business and heplayed a key part in developing the business. Prior to ING Malcolmheld a variety of senior international roles including Head ofEuropean Investment Banking at UBS and post merger co-Head ofEuropean Investment Banking at UBS Warburg.

Jan Nuttall (43) has been appointed as Human Resources Directorwith responsibility for personnel, training and people developmentworld-wide. Jan joins Morley from Citibank where she was VicePresident Human Resources for the Global Investment Management andPrivate Banking Group for four years. Prior to joining Citibank Janheld senior Human Resources positions at PepsiCo.

To ensure greater synergy and a coherent customer focus,Morley's retail and institutional business development activitieswill be combined and led by Gerard Quirke (41), current Head ofRetail, Morley Fund Management, with immediate effect.

Keith Jones, Managing Director of Morley Fund Management, said:"We are delighted to be able to announce the appointment of suchhigh calibre directors with outstanding track records in theirchosen fields. The appointments of Malcolm Le May and Jan Nuttallwill strengthen the composition of the Morley board allowing us tobuild on the foundations already laid in the last year and tofulfil our global ambitions. With £106bn under management in the UKand a robust investment engine and team we already have the keycomponents in place. With the arrival of these individuals and theappointment of Gerard Quirke as Head of Retail & Institutional,we now have the people required to transform what is already asuccessful fund management house to a business which will becomeone of the major global players."

Commenting on the business opportunity, Gerard Quirke, Head ofRetail and Institutional at Morley said: "The distinction betweenretail and institutional is becoming increasingly blurred. Ourchallenge is to ensure that our focus is external and on the needsof our investors. We can do this best by pooling the resources ofour retail and institutional teams whilst maintaining a focus onour distinct areas of expertise. The driver behind this decision isour goal to establish ourselves as a top 5 player in the markets inwhich we operate."

For further information please contact:
Morley Fund Management
Gerard Quirke 0207 809 8600

Penrose Financial
Gay Collins 0207 7864882
Louise Hatch 0207 7864885

Notes to Editors
Morley Fund Management is an independently managed, London based,asset management business with £106 billion under management. Ithas investment management operations in London, Boston, Tokyo andSingapore.

Morley is a wholly owned subsidiary of the CGNU Group andmanages institutional 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 of Morley FundManagement Limited (incorporated in England with Registered No.1151805 and Registered Office 1 Poultry London EC2R 8EJ) andNorwich Union Investment Management Limited (incorporated inEngland with Registered No. 2152949 and Registered Office 8 SurreyStreet Norwich NR1 3NG) both regulated by IMRO and members of theCGNU Group

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