As part of its drive to expand its investment management activities, Morley Fund Management, which manages assets of over Euro 175 bn, (£107 bn), has restructured certain of its existing operations and established an Alternative Investment Division.
As part of its drive to expand its investment management activities, Morley Fund Management, which manages assets of over Euro 175 bn, (Ł107 bn), has restructured certain of its existing operations and established an Alternative Investment Division.
This Division will be headed by Philip Manduca and will include existing hedge and private equity funds and investment trusts. Current assets in these existing product areas are in excess of Euro 3.2 bn (Ł2 bn).
Philip Manduca, 44, was formerly Head of Asset Management at Dexia BIL. Prior to that, he was a Partner and Chief Investment Officer at Sant Cassia Investment Management. His earlier career was spent at Kidder Peabody & Co and Merrill Lynch.
Malcolm Le May, Deputy Chief Executive Officer and Head of Morley’s European Division, to whom Philip will report, said: “The growth opportunities presented for having a robust alternative investment business is amply illustrated by the fact that this asset class still only occupies some 2% of total global funds under management. The appointment of Philip and the extensive experience he brings signals Morley’s world class status in this increasingly important area of fund management.”
Philip Manduca said: “There are huge opportunities for Morley to grow its alternative investment business by developing the existing highly successful private equity ‘fund of funds’ product and launching a number of new hedge and private equity funds over the next few months. Investors are increasingly recognising the need for absolute return vehicles and the recent changes in economic and market conditions has increased their need for diversification to long only market exposure.”
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For further information please contact:
Daniel Longden, Communications Manager
020 7809 8625
Laura Cook, PR Executive
020 7809 8125
Liz Morley, Gavin Anderson
020 7554 1479
Alternative Investment Products
Traditionally quoted shares and bonds have been the primary form of most individual and institutional investment. Given their predominance, other investments have been labelled as alternative investment products. They comprise a large number of established categories including unlisted securities such as private equity, private debt and venture capital along with holdings of various assets such as real estate and commodities. More recently, a new class of alternative investment product has gained prominence, that of hedge funds.
Notes to EditorsMorley Fund Management
- Morley Fund Management (‘Morley’) is an independently managed, London based, asset management business with over Euro 175 bn (Ł107 bn) under management. It has investment management operations in London, Tokyo and Singapore and an associate office in Boston*.
- Morley is a wholly owned subsidiary of the CGNU Group and manages both institutional and retail funds under the Morley brand. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand.
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK’s largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world’s seventh largest insurer based on gross worldwide premiums.
*Norwich Union Investment Management, a CGNU Group company
- Further information about Morley Fund Management can be found at www.morleyfm.com
Issued by Morley Fund Management Limited and Morley Investment Services Limited
Morley Fund Management is a business name of Morley Fund Management Limited, registered in England No. 1151805 and Morley Investment Services Limited, registered in England No. 1973412. Both are members of the Norwich Union Marketing Group, members of which are regulated by the FSA for life assurance, pensions and investments. Morley Investment Services Limited is a member of the Investment Management Association. Registered Offices: No. 1 Poultry, London EC2R 8EJ. Both are CGNU Group companies.
For institutional correspondence please contact us at Morley Fund Management, No. 1 Poultry, London EC2R 8EJ. For retail correspondence please contact us at Morley Fund Management, PO Box 6800, Brentwood, Essex CM14 4DQ.