Standard & Poor's awards Fund of Funds AAA rating

Article date: 27 February 2006

A multi-manager fund that gives Norwich Union investors accessto some of the UK’s leading fund managers has been awarded anAAA rating by Standard & Poor’s.

The Aviva Multi-Manager Sterling Equity Growth fund is available toUK investors through Norwich Union’s Portfolio life bond,pension, collectives and ISA wrappers. Offshore investors caninvest in the fund through the Norwich Union International CoreFunds Bond.

The Aviva fund - previously rated AA - has delivered strongperformance since launch in June 2004, returning 38.9% against theIMA Active Managed sector average of 36.8%.

The Aviva cautious and mixed portfolios have retained their AArating and outperformed their sector average, returning 23.7% and34.3% since launch.

The portfolios are managed on a day-to-day basis by InvestmentManager Selection Ltd (IMS), which selects and monitors underlyinginvestments.

Neil Davies, director of investment at Norwich Union, said:“This is excellent news that underlines our commitment todelivering strong investment performance for customers. Themulti-manager approach is an attractive solution for a wide groupof investors and we are delighted with this fund achieving its AAArating, which will provide customers with additional reassuranceabout making a long-term investment.”


Press office contacts:
David Gwyer 01904 452828 Outof hours 07800 699508
James Evans 01904 452791 Out of hours 07800 699525
Rob Pell 01904 452659 Out of hours 07800 699563
Cheryl Cox 01904 452617 Out of hours 07800 695275

Notes to editor:

About the Norwich Union fund of funds
In the NorwichUnion life and pension product wrappers the fund is known as the NUGrowth Fund of Funds. In the collective investments wrapper, thefund is known as the Norwich Growth Fund of Funds.

Norwich Cautious Fund of Funds
The fund aimsto provide long-term capital growth and income and is designed forinvestors seeking a lower risk investment option. This fund investsin both equity and bond funds with a greater emphasis on bonds thatreflects the lower risk characteristics. The fund’sinvestment policy is diversified and can invest across global bondsand equity markets, with greater emphasis on bonds than the mixedFund of Funds and the Growth Fund of Funds. The fund invests in aselection of funds selected by IMS.

Norwich Mixed Fund of Funds
This fund isdesigned for investors seeking a more balanced approach toinvestment. This fund invests in equity and bond funds with an aimof providing long-term capital appreciation and income. Thefund’s investment policy is diversified and can invest acrossglobal bond and equity markets, with a greater emphasis on equitiesthan the Cautious Fund of Funds and a greater emphasis on bondsthan the Growth Fund of Funds. The fund invests in a selection offunds selected by IMS.

Norwich Growth Fund of Funds
The fund isdesigned for investors who wish to diversify their investmentacross a range of funds investing in an international shareportfolio and are willing to accept the risk of fluctuations inglobal security markets. This fund aims to provide long-termcapital growth. The fund’s investment policy is diversifiedand can invest across global bonds and equity markets, with greateremphasis on equities than the Cautious Fund of Funds and the mixedFund of Funds. The fund invests in a selection of funds selected byIMS.

About Norwich Union

  • Norwich Union is one of the UK's biggest life insurers. It isa leading provider of life, pensions and investment products andone of the largest Financial Adviser (FA) providers. IFAs provideover 70% of the company's long-term savings business in theUK.
  • Norwich Union has strategic alliances with building societiesand other leading UK brand names including CIS and The Royal Bankof Scotland Group.
  • Norwich Union’s news releases and a selection of imagesare available from Aviva's internet press centre at

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