Morley Fund Management has moved the management of the US high yield bonds portion of its £122m Norwich Managed High Income Fund (MHI) to its fixed income team in Boston.
Morley Fund Management has moved the management of the US high yield bonds portion of its Ł122m Norwich Managed High Income Fund (MHI) to its fixed income team in Boston. The Ł40m portfolio will be managed by Dan Fasciano, head of fixed income in Boston.
The Norwich Managed High Income Fund invests in US and European high yield and emerging markets. The fund’s lead manager, Roger Webb, oversees the performance of the fund and determines the asset allocation. The fund’s sub-portfolios are managed by specialist managers from Morley’s 50-strong fixed income team.
Managed High Income Fund sub-porfolios:
| Portfolio | Manager | Portion of total fund |
| Asset Allocation / Lead manager / UK high yield | Roger Webb | 40% |
| US high yield | Dan Fasciano | 35% |
| European high yield | Andre Mazella | 15% |
| Emerging high yield | Sarit Shah | 10% |
The Boston office’s management of the US high yield assets will provide local expertise in the US$600 billion (Ł375 billion) US credit market. A strong presence in this market - which forms around 60% of the global credit market - is central to Morley’s strategy of creating a global fixed income capability. Dan Fasciano leads the team of eight and the take on of these high yield assets will complement their existing investment grade portfolios.
Paul Mingay, head of credit at Morley Fund Management, said: "We have hired eight people to our credit team in Boston since the start of 2003 and they are now at full strength to take on the management of the US high yield assets of the Norwich Managed High Income Fund.
Our strategy for the fund is to use the breadth and depth of our team to create performance in a dynamic and modern way."
Roger Webb, fund manager of the Norwich Managed High Income Fund, said: "The Managed High Income Fund benefits from having specialist teams responsible for each of the individual asset classes. With Morley’s team in Boston now managing the US high yield portfolio, the Norwich MHI is a truly global fund. With 35% of the fund managed from the US, they can use their local knowledge and access to maximise returns for clients."
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For further information please contact:
Monina Villaroman
Corporate communications manager
Morley Fund Management
Tel: 0207 809 8618
Notes to editors:
Morley’s Credit Team:
London
Paul Mingay - head of credit
Roger Webb - fund manager
Anne Elkington - fund manager
Mark Gull - fund manager
Stephen Lee - fund manager
Andre Mazzella - fund manager
Caroline Brown - head of credit analysis
Donna Cabral - credit analyst
Chris Higham - credit analyst
Nataliya Zalyesova - credit analyst
Cirine El Husseini - credit analyst
Laurent Frings - credit analyst
Kumar Ghosh - credit analyst
Boston
Dan Fasciano - fund manager
Mike Barclay - credit analyst
Ken Berliln - credit analyst
Dan Gilbert - credit analyst
Dennis Woessner - credit analyst
John Harzich - credit analyst
Chris Langs - credit analyst
Chris Palmiter - fund assistant
Morley Fund Management
Morley Fund Management ('Morley') is an independently managed, London based, asset management business with over Ł114 billion* under management (as at 30.06.04). 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
- Property Week Awards 2004 - Best Property Fund Manager
- Pensions Management Provider Awards 2003 - Best Property Fund Manager
- 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) – S&P's 2002
- Sustainable and Ethical Investment and Asset Management Award - Liveable City Awards 2002
Further information about Morley Fund Management can be found at www.morleyfm.com.