At an extraordinary general meeting held in Luxembourg today (1 April 2003), the shareholders of Privilege Portfolio, the Luxembourg SICAV of the Aviva Group, approved a change of name from Privilege Portfolio to Aviva Funds with effect from 1 July 2003.
At an extraordinary general meeting held in Luxembourg today (1 April 2003), the shareholders of Privilege Portfolio, the Luxembourg SICAV of the Aviva Group, approved a change of name from Privilege Portfolio to Aviva Funds with effect from 1 July 2003.
The name Aviva was adopted by the UK-based insurance group behind Privilege Portfolio on 1 July 2002. The name Aviva brings together over 50 trading names around the world under a single brand and has allowed the Group to harness the benefits of its size and international capabilities as the seventh-largest insurer in the world.
Privilege Portfolio was established in Luxembourg in 1990 and today boasts a range of 29 sub-funds. Since the beginning of 2003, two new sub-funds have been added to the range: Privilege Portfolio- European Value Fund and Privilege Portfolio-European Property Fund. The Privilege Portfolio range is actively marketed in 15 countries by Aviva Funds International, the Marketing and Distribution Agent. The investment adviser to Privilege Portfolio is Morley Fund Management ("Morley") also a member of the Aviva Group. Morley recently opened a representative office in Milan to promote its European product range, the lead product of which is Privilege Portfolio.
To mark the decision to change the name to Aviva Funds, a new website has also been launched on 1 April 2003 that adopts the design template of other Aviva Group websites. Currently the site is branded Privilege Portfolio, but it will be rebranded as Aviva Funds on 1 July. The site can be found at www.privilege.lu as well as at www.avivafunds.com, which will become the main site address once the new name has been adopted.
Commenting on the change of name, Raoul Bachmann, head of Continental Europe at Morley Fund Management said: "We are absolutely delighted to announce that the new name for Privilege Portfolio will be Aviva Funds from July this year. The new name will enable us to leverage off the strong reputation and brand recognition of our parent Aviva, which has an established presence across Europe. This move demonstrates the commitment of the Group to its European mutual fund business."
-ends-
For further information:
Stephen Roberts, Head of European Retail Marketing,
stephenroberts@privilege.lu
tel: +352 40.28.20.319
fax: +352 40.83.58.319
GSM: +352 021.265.611
Notes to editors:
- The value of an investment in the Privilege Portfolio funds can fall as well as rise. The investor may not get back the original amount invested.
- Aviva Funds International Limited is the Marketing and Distribution Agent for Privilege Portfolio. Privilege Portfolio is the Luxembourg domiciled investment fund of the Aviva Group with 30 sub-funds ranging from lower risk money market and bond funds through international and regional equity funds to more speculative single country and theme funds.
- Morley Fund Management Limited is the Investment Adviser to Privilege Portfolio and is a member of the Norwich Union Marketing Group, members of which are regulated in the UK by the Financial Services Authority for life assurance, pensions and investments. Morley Fund Management Limited and Aviva Funds International Limited are Aviva companies.
- Aviva is the UK's largest insurance group, one of the top-five life insurers in Europe and has substantial positions in other markets around the world. Aviva is the world’s seventh-largest insurer based on worldwide gross written premiums.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and investment sales from ongoing business of more than Ł28 billion, and over Ł200 billion in assets under management at 31 December 2002.