Morley appoints Tim Thomas as head of equities

Article date: 27 June 2005

Morley Fund Management, one of Europe’s largest fundmanagers, has appointed Tim Thomas to the new role of head ofequities. Tim joins Morley in September 2005 and will report toKatherine Garrett-Cox, chief investment officer.

Tim comes to Morley with more than 23 years experience ininvestment and business consultancy. He joins Morley from McKinsey& Co where he has worked with large European insurance andasset management clients for the past four years. Prior toMcKinsey, Tim spent 13 years at Investec Asset Management,initially joining Guinness Flight Asset Management, which wasacquired by Investec in 1998. Tim was head of equities at thecompany from 1992-2000.

As head of equities at Morley, Tim will oversee more than aquarter of Morley’s £129 billion assets under management oraround £33 billion of funds across active UK, European, US,emerging market, Asian and global equities, including sociallyresponsible investments. He will have overall responsibility forMorley’s equity investment process and performance. Workingwith Morley’s Distribution team, he will also focus onmaximising the commercial potential of Morley’s equityproducts.

Katherine Garrett-Cox, chief investment officer at Morley FundManagement, commented on the appointment: "Tim brings the blend ofinvestment and business experience that this challenging roledemands. Tim has extensive hands-on experience of managing moneybut, just as importantly, he is a skilled ‘manager of fundmanagers’. The broad market experience Tim gained in theconsulting world will be extremely valuable as he works with theequity team to help deliver Morley’s overall businessstrategy."

Tim’s appointment follows Morley’s strategic reviewand creation last year of a new structure for the equitiesdepartment which saw the integration of fund managers and analystsinto smaller, more focussed and more collaborative teams. Thechanges, which were completed last year, have started to paydividends. For example, four out of five of Morley’smainstream UK equity funds have delivered first quartileperformance over the last six months, namely the Norwich UK EquityFund, Morley UK Focus Fund, Norwich UK Equity Income Fund and theNorwich UK Income & Growth Fund (as at 31 May 2005).

Direct reports of Tim Thomas, head of equities at MorleyFund Management
Lloyd Whitworth, head of UK coreequities
David Lis, head of UK specialist and small cap equities
Rita Dhut, head of European equities
Niall Paul, head of emerging markets and Asia
Penny Kyle, head of US equities
Peter Michaelis, head of SRI
Michael Jennings, head of global equities
Anita Skipper, head of corporate governance

Morley employs 54 equity investment professionals


For further information pleasecontact:
Monina Villaroman, Corporate CommunicationsManager 020 7809 8618
Laura Cook, Corporate Communications Executive 020 7809 8125

Notes to editors:

Morley Fund Management
Morley FundManagement Limited (Morley) is a London-based asset managementbusiness with over £128 billion* under management. It activelymanages a diverse range of asset classes and employs in the regionof 200 investment professionals. Companies in the Morley Group haveoperations in Boston, Dublin, Luxembourg, Melbourne and Warsaw.Morley has representative offices in Milan and Madrid.

Morley is a wholly owned subsidiary of the Aviva Group andmanages both institutional and retail funds under the Morley brand.It also acts as investment manager for a range of retail investmentfunds, marketed in the UK under the Norwich Union brand, andinternational funds marketed under the Aviva Funds brand.

*as at 31.03.05. Not including mortgage assetsFurtherinformation about Morley Fund Management can be found at

Telephone calls may be recorded for training and monitoringpurposes.

Morley Fund Management is a business name of Morley FundManagement Limited, registered in England No. 1151805. RegisteredOffice: No. 1 Poultry, London EC2R 8EJ. Authorised and regulated inthe UK by the Financial Services Authority and a member of theInvestment Management Association. Morley Fund Management is also abusiness name of Morley Fund Management International Limited. Bothare Aviva companies.

Contact us at Morley Fund Management, No. 1 Poultry, London EC2R8EJ.

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