Morley Fund Management (‘Morley’) has been awarded a £90 million mandate by UIA to be run on a Socially Responsible Investment (SRI) basis. This account comprises all of UIA’s general insurance and life funds and is one of the largest dedicated UK SRI mandates.
Morley Fund Management (‘Morley’) has been awarded a Ł90 million mandate by UIA to be run on a Socially Responsible Investment (SRI) basis. This account comprises all of UIA’s general insurance and life funds and is one of the largest dedicated UK SRI mandates.
UIA, the specialist affinity insurer, has chosen to run the funds on an SRI basis as it is committed to matching its investment criteria to the values of its customers which include the members of UNISON, other trade unions and not for profit organisations.
Morley was chosen for its expertise and fund performance across asset classes within SRI. Within a defined risk parameter, the specialist SRI team will be expected to address the social and environmental concerns of UIA customers, without compromising investment returns.
The mandate will be run on a balanced fund basis including bonds and global equities. The lead fund manager will be Clare Brook, Director of SRI at Morley, who will be supported by her nine-strong team of dedicated SRI fund managers and analysts. The mandate will be measured against a composite benchmark and will have an outperformance target of 1% per annum (over rolling 3 year periods).
Paul Moody, Head of Business Development – SRI at Morley Fund Management, said: "By moving entirely to Socially Responsible Investment UIA breaks new ground in responding to their customers’ expectations by matching their investments with their beliefs. We are delighted that SRI is gaining recognition for adding value in investment terms. As investors, Morley believes that companies who are conducting their business in a socially responsible manner are most likely to succeed over time. By investing in these companies and by encouraging others to improve, we can benefit UIA customers both in terms of meeting fiduciary duties and addressing social and environmental issues. We look forward to a long and successful relationship with UIA."
Andrew Gay, Finance Director for UIA, comments: “Our customers, who include trade unions and not-for-profit organisations, are increasingly aware of the power of financial markets to address the environmental and social impacts of companies. These organisations understand that their sizeable funds can be mobilised behind social justice issues such as employment practices and human rights and we are delighted to be working with Morley towards this end.”
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For further information please contact:
Morley Fund Management
Laura Cook, PR Executive, 020 7809 8125
Paul Moody, Head of Business Development – SRI, 020 7809 6197
Notes to Editors
UIA
- UIA Insurance Limited is a mutual and specialist affinity insurer which has been offering general insurance products to trade unions and other affinity groups and their members for over a century.
- UIA general insurance products include household, travel, personal accident, hospital cash, critical illness, pet, motor and commercial. UIA also provide employee benefit packages to affinity groups and trade unions. Each product is tailored and packaged to meet the specific need of the client.
- UIA has a security rating of A- (Excellent) from AM Best, the international security-rating agency. UIA is the smallest company in Europe to hold such a high rating.
- UIA's insurance services are available to over five million people throughout the UK.
- UIA is a member of the Association of British Insurers, the General Insurance Standard Council and Insurance Ombudsman Bureau. UIA is regulated by the Financial Services Authority for Investment Business and is registered under the Industrial and Provident Societies Act - No.2898R.
- www.uia.co.uk
Morley Fund Management
- Morley Fund Management (‘Morley’) is an independently managed, London based, asset management business with over Ł107 billion 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.
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 correspondence please contact us at Morley Fund Management, No. 1 Poultry, London EC2R 8EJ.