Next step in strategy to focus on core capabilities Morley Fund Management (Morley) announced today that it is set to establish a ground-breaking investment administration service with JPMorgan Investor Services (JPMIS), designed for fund managers and their clients.
Next step in strategy to focus on core capabilities
Morley Fund Management (Morley) announced today that it is set to establish a ground-breaking investment administration service with JPMorgan Investor Services (JPMIS), designed for fund managers and their clients.
Morley and JPMIS are in advanced discussions and expect to sign heads of agreement before the end of the year.
This new service will combine Morley’s fund management administration operating platform and the experience and expertise of over 200 Morley employees, with JPMIS’ generic investment administration infrastructure. In addition to Morley’s clients, the operation will also offer its services to the external market.
The decision to establish this service is the next step in Morley’s strategy to focus on its core capabilities - manufacturing and distribution of investment products to its target markets.
Keith Jones, chief executive, Morley Fund Management, said: "Morley’s continuing strategy this year has been to refocus our resources to build upon our core strengths and sharpen our competitiveness. The reality of today’s market environment is that almost all fund managers have to take a long hard look at their businesses and embrace significant change. We believe we are leading the way on this within our industry."
"This is a new type of service that we believe will create best practice within our industry. We will be directly involved in shaping the infrastructure and delivery of this new service to ensure that it meets our needs and, most importantly, the needs of our clients."
Nick Alford, chief operating officer of Morley, said: "With this deal, Morley has moved beyond straight "liftouts" and outsourcing. By establishing this service now, Morley, with JPMIS, gains first mover advantage in what will be a new segment of the overall administration services market.
"The beauty of this initiative is that it benefits all involved. For those Morley employees moving to the new business, it brings opportunities for career progression within a market leading service provider. For our clients it will mean greater resources behind service delivery. For JPMIS it builds out its already well regarded strength in investor services. And for Morley itself, it delivers focus and a move to a lower and more flexible cost base."
The new service will develop across the next 12 months through a number of stages, incorporating the transfer of Morley employees and operational assets to JPMorgan, as well as a number of phased IT developments. It will carry out all existing core operational functions associated with Morley’s investment activities, including fund accounting, securities administration, business analysis and client reporting.
Ramy Bourgi, business executive JPMIS Europe, Middle East and Africa, said: "By using the Morley platform and people as the foundation for this initiative we can catapult JPMIS into a clear leadership position in terms of creating an administration capability for asset managers and their clients. Over recent months there has been a growing trend toward this type of arrangement amongst the asset management community both in the UK and Europe. This service is designed to meet that need head on and, by using the proven expertise of Morley, bring the capability to market quickly."
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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 an independently managed, London based, asset management business with over Ł107 billion* under management (as at 30.09.03). It actively manages a diverse range of asset classes and employs in the region of 900 staff worldwide based in London, Singapore and an associate office in Boston**.
- Morley is a wholly owned subsidiary of the Aviva 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 by Norwich Union, and international funds marketed under the Aviva Funds brand.
- *Not including mortgage assets
- **Morley Fund Management International Limited, an Aviva company
Awards
- 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 for Best SRI Fund Manager and Best Fixed Income Fund Manager
- Further information about Morley Fund Management can be found at www.morleyfm.com
- Morley Fund Management is a business name of Morley Fund Management Limited, registered in England No. 1151805. A member of the Norwich Union Marketing Group, members of which are authorised and regulated in the UK by the Financial Services Authority for life assurance, pensions and investments. Registered Office: No. 1 Poultry, London EC2R 8EJ. A member of the Investment Management Association.
- Morley Fund Management is also a business name of Morley Investment Services Limited and Morley Fund Management International Limited. All are Aviva companies.
- Contact us at Morley Fund Management, No. 1 Poultry, London EC2R 8EJ.
- Telephone calls may be recorded for training and monitoring purposes.
- MFM 03/11/97