Morley to establish ground-breaking investment administration service with JP Morgan

Article date: 20 November 2003

Next step in strategy to focus on corecapabilities

Morley Fund Management (Morley) announced today that it is setto establish a ground-breaking investment administration servicewith JPMorgan Investor Services (JPMIS), designed for fund managersand their clients.

Morley and JPMIS are in advanced discussions and expect to signheads of agreement before the end of the year.

This new service will combine Morley’s fund managementadministration operating platform and the experience and expertiseof over 200 Morley employees, with JPMIS’ generic investmentadministration infrastructure. In addition to Morley’sclients, the operation will also offer its services to the externalmarket.

The decision to establish this service is the next step inMorley’s strategy to focus on its core capabilities -manufacturing and distribution of investment products to its targetmarkets.

Keith Jones, chief executive, Morley Fund Management, said:"Morley’s continuing strategy this year has been to refocusour resources to build upon our core strengths and sharpen ourcompetitiveness. The reality of today’s market environment isthat almost all fund managers have to take a long hard look attheir businesses and embrace significant change. We believe we areleading the way on this within our industry."

"This is a new type of service that we believe will create bestpractice within our industry. We will be directly involved inshaping the infrastructure and delivery of this new service toensure that it meets our needs and, most importantly, the needs ofour clients."

Nick Alford, chief operating officer of Morley, said: "With thisdeal, Morley has moved beyond straight "liftouts" and outsourcing.By establishing this service now, Morley, with JPMIS, gains firstmover advantage in what will be a new segment of the overalladministration services market.

"The beauty of this initiative is that it benefits all involved.For those Morley employees moving to the new business, it bringsopportunities for career progression within a market leadingservice provider. For our clients it will mean greater resourcesbehind service delivery. For JPMIS it builds out its already wellregarded strength in investor services. And for Morley itself, itdelivers focus and a move to a lower and more flexible costbase."

The new service will develop across the next 12 months through anumber of stages, incorporating the transfer of Morley employeesand operational assets to JPMorgan, as well as a number of phasedIT developments. It will carry out all existing core operationalfunctions associated with Morley’s investment activities,including fund accounting, securities administration, businessanalysis and client reporting.

Ramy Bourgi, business executive JPMIS Europe, Middle East andAfrica, said: "By using the Morley platform and people as thefoundation for this initiative we can catapult JPMIS into a clearleadership position in terms of creating an administrationcapability for asset managers and their clients. Over recent monthsthere has been a growing trend toward this type of arrangementamongst the asset management community both in the UK and Europe.This service is designed to meet that need head on and, by usingthe proven expertise of Morley, bring the capability to marketquickly."


For further information please contact:
Fiona Baker, Head of Corporate Communications 020 7809 8617
Morley Fund Management 07736 883 832

Notes to Editors

  • Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management businesswith over £107 billion* under management (as at 30.09.03). Itactively manages a diverse range of asset classes and employs inthe region of 900 staff worldwide based in London, Singapore andan associate office in Boston**.
  • Morley is a wholly owned subsidiary of the Aviva Group andmanages both institutional and retail funds under the Morleybrand. It also acts as investment manager for a range of retailinvestment funds, marketed in the UK by Norwich Union, andinternational funds marketed under the Aviva Funds brand.
  • *Not including mortgage assets
  • **Morley Fund Management International Limited, an Avivacompany


  • Fund Manager of the Year - Pensions Week Awards 2002
  • Specialist Manager of the Year - UK Pensions Awards 2002
  • Insurance Fund Manager of the Year (awarded to Norwich Union)- Standard and Poor’s 2002
  • Sustainable and Ethical Investment and Asset Management Award- Liveable City Awards 2002
  • Pensions Management Provider Awards 2002 – Commended forBest SRI Fund Manager and Best Fixed Income Fund Manager
  • Further information about Morley Fund Management can be foundat
  • Morley Fund Management is a business name of Morley FundManagement Limited, registered in England No. 1151805. A member ofthe Norwich Union Marketing Group, members of which are authorisedand regulated in the UK by the Financial Services Authority forlife assurance, pensions and investments. Registered Office: No. 1Poultry, London EC2R 8EJ. A member of the Investment ManagementAssociation.
  • Morley Fund Management is also a business name of MorleyInvestment Services Limited and Morley Fund ManagementInternational Limited. All are Aviva companies.
  • Contact us at Morley Fund Management, No. 1 Poultry, LondonEC2R 8EJ.
  • Telephone calls may be recorded for training and monitoringpurposes.
  • MFM 03/11/97

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