Norwich Union is to launch a new investment fund designed to outperform in all stock market conditions.
JPMorgan Asset Management to run fund that blends growth and value styles
Norwich Union is to launch a new investment fund designed to outperform in all stock market conditions.
The Ł200m Norwich UK Growth and Value fund has been designed solely for Norwich Union and will be managed by JPMorgan Asset Management (JPMAM). It will use a distinctive investment approach combining growth and value strategies in a single portfolio.
Growth investing, where managers look for stocks where earnings are growing faster than the market supported by good news, and value investing, where managers invest in stocks that are fundamentally sound but out of fashion, typically outperform over various market conditions.
Combining these two styles in one portfolio enables each style to complement each other with the aim of achieving consistent outperformance.
The Norwich UK Growth and Value fund will be launched on 6 March 2006 and managed by Chris Complin and Michael Barakos, managers of JPM Premier Equity Growth, JPM Europe Strategic Growth and Value funds. They will be supported by a team of 35 investment professionals.
Neil Davies, director of investment at Norwich Union, said: “This is an exciting fund launch that will interest advisers and their customers who are looking for growth, but who want a fund that is flexible and makes the most of different market conditions. Norwich Union selected JPMorgan Asset Management because it is a pioneer of this style of investment. This fund offers our customers further choice and demonstrates our clear commitment to them and also to this market.”
Campbell Fleming, head of UK Business at JPMorgan Asset Management, said: “We are delighted that JPMorgan Asset Management has been selected by Norwich Union from a competitive field of leading UK fund managers, and very much look forward to working together with them.”
The fund launch is part of Norwich Union’s ongoing drive to develop its investment range and increase sales of collective investments. In the past 12 months it has:
- Launched four manager of managers funds
- Launched an online portfolio planner
- Appointed John Clougherty as director of collective investments
- Announced that James Dalby will join Norwich Union
- Added three fund of funds to its Isa range.
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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
James Evans 01904 452791 Out of hours 07800 699525
JPMorgan Asset Management press contact:
Jane D rew 020 7742 6326 Out of hours 07870 689917
Notes to editors:
About the Norwich UK Growth and Value fund
Approximate number of holdings: 220. Benchmark: FTSE All-Share index. Initial charge 5%, AMC 1.1%, TER 1.64%.Standard initial commission 3%, renewable commission 0.5%pa. Investment levels for ISA investors: lumps sums Ł500, regular monthly savings Ł50.
About the fund managers
Chris Complin - Chris joined JPMorgan in 1998 and is now chief investment officer of the JPMorgan Asset Management European Equity Group. He is one of the most highly- regarded fund managers in the UK and is responsible for the management of European and UK large cap and style funds. Prior to this he was responsible for quantitative analysis in the European Equity Group.
Michael Barakos - Michael has been with JPMorgan since 1999 and is a portfolio manager within the JPMorgan Asset Management European Equity Group. Michael obtained a BSc (Hons) in Economics from the London School of Economics and Political Science. He is a CFA charter holder. Currently rated A by Citywire.
About JPMorgan Asset Management
JPMorgan Asset Management is part of JPMorgan Chase & Co and is a global asset management leader providing world-class investment solutions to clients. With US$847 billion in assets under management (the Asset Management client funds of JPMorgan Chase & Co as at 31 Dec 2005) and offices in 39 locations around the world, JPMorgan Asset Management offers global coverage with a strong local market presence, and leadership positions in most asset classes.
About the Norwich Union
Norwich Union is one of the UK's biggest insurers. It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.