Morley Boosts Fund Management Team

Article date: 1 October 2001

Michael Jennings has been appointed as Senior Fund Manager,Global Equities at Morley Fund Management ('Morley') in London. Hejoins on October 1st 2001 and will report to Andrew Hitchings, Headof International Equities. Michael will be responsible forpioneering Morley's approach to global equity theme funds for theretail and institutional market places.

Michael joins Morley from Sarasin Investment Management Ltdwhere he was a Director and Manager of global themed equity fundsfor 12 years. In addition to managing 3 global balanced funds of£340 million, Michael was responsible for pioneering and developingthe concept of global equity management by theme. Supported by ateam of analysts he managed the EquiSar funds of £477 millionaccording to this thematic approach, all of which have been awardedStandard & Poor's AAA ratings for two consecutive years. Healso won the 1998 Investment Adviser Individual Fund Manager ofthe Year Award for the International Growth Sector.

Commenting on Michael's appointment, Andrew Hitchings, Headof International Equities, said:

"We are delighted that Michael is joining Morley. He has anexcellent track record in managing themed products and will be agreat asset. We look forward to Michael spearheading Morley'sexpansion in global portfolio management."

~Ends ~

For further information please contact

Morley Fund Management
Andrew Hitchings
Head of International Equities
Tel: 020 7809 6041
Penrose Financial
Sally Todd
Tel: 020 7786
Caroline Deutsch
Tel: 020 7786

Notes to Editors

Morley Fund Management is an independently managed, Londonbased, asset management business with £106 billion undermanagement. It has investment management operations in London,Boston, Tokyo and Singapore.

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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