Aviva plc (“Aviva”) announces that its UK-based asset management business, Morley Fund Management (“Morley”), has agreed to acquire a 56% stake in hedge fund management company, ORN Capital, which will more than double Morley’s alternative funds under management to around US$1.1 billion.
Aviva plc (“Aviva”) announces that its UK-based asset management business, Morley Fund Management (“Morley”), has agreed to acquire a 56% stake in hedge fund management company, ORN Capital, which will more than double Morley’s alternative funds under management to around US$1.1 billion.
ORN Capital was founded in 1999 by Harald Örneberg with funds under management in excess of US$600 million as at 1 April 2006.
Keith Jones, chief executive of Morley said: “We’re acquiring ORN Capital as a standalone business; one that broadens our offering to clients and accelerates the growth of our alternatives business.”
Completion of the transaction is subject to the approval of the Financial Services Authority and the Bermuda Monetary Authority. The deal is expected to complete no later than the end of June 2006.
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Enquiries:
Analysts/Investors:
Charles Barrows
investor relations director
+44 (0)20 7662 8115
Media:
Fiona Baker
head of corporate communications (Morley)
+44 (0)20 7809 8617
Sue Winston
head of group media relations (Aviva)
+44 (0)20 7662 8221
Notes to editors:
To read Morley's news release "Morley buys majority stake in ORN Capital" please go to: /index.asp?PageID=55&year=&newsid=2578&filter=
Aviva
- Aviva is the world’s sixth largest insurance group based on gross worldwide premiums and market capitalisation (at 31 December 2004), and is one of the leading providers of life and pensions to Europe, with substantial positions in other markets around the world.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of Ł35 billion and assets under management of Ł317 billion at 31 December 2005.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.
Morley
- Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage Ł156.2 billion from offices around the world as at 28 February 2006.
- Morley 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, and international funds marketed under the Aviva Funds brand.
ORN Capital
- Based in London and headquartered in Bermuda, ORN Capital is an alternative investment management firm founded in 1999. ORN Capital has gross assets of Ł2.4 million and manages in excess of US$600 million on behalf of a wide range of institutional investors including foundations, pension funds, funds-of-funds, private banks and family offices.
- The firm has grown steadily over the past seven years and pursues a range of investment strategies including event, distressed debt, debt equity, global resources and energy and multi-strategy.