Morley Fund Management, one of the UK’s largest fund managers, has appointed Richard Colwell to a newly created position of high alpha UK equity fund manager.
Morley Fund Management, one of the UK’s largest fund managers, has appointed Richard Colwell to a newly created position of high alpha UK equity fund manager. This brings to five the number of newly created, top performing fund managers Morley has added to its UK specialist equities team this year.
Morley’s head of equities, Niall Paul said: “We’re continuing to add real fire power to Morley’s UK equities team with Richard’s appointment bringing to five the number of top UK fund managers with proven high alpha expertise that we’ve hired in the last six months. We are serious about offering the market quality UK equity products and these appointments underline confidence in Morley and its strategic direction.
“We’re delighted that Richard is joining us - he brings a great set of skills plus a strong track record and he joins a credible team that is gaining rapid momentum in a changing market.
“Morley manages around Ł34 billion in UK equities for clients, accounting for around 2% of the UK stock market. I want Morley’s equity products to be among the best available and Richard will initially be working on options for a new institutional fund."
Richard Colwell comes from Credit Suisse where he managed the Growth & Income Fund and the Credit Suisse Managed Assets OEIC - both achieving top quartile ranking in performance tables this year**. He has successfully run a number of segregated institutional pension funds for over four years with varying mandates. He had joint responsibility for the Ł2.4 billion in UK equities run for Sun Life of Canada together with the Credit Suisse Pooled pension fund.
He joined Credit Suisse in June 2002 from Schroder Investment Management where he was a portfolio manager for five years, running UK institutional portfolios. Previously, Richard worked in the Research Department at Schroders as an analyst covering the pharmaceutical sector. He started his career with the Bank of England, working as an analyst in both the Economics and Banking Supervision divisions.
Richard starts at Morley in January 2007. The other four newly recruited UK fund managers are:
Chris Murphy joined from Axa Framlington where he worked as a fund manager since 1993, most recently responsible for running growth mandated portfolios for institutional and retail clients. Chris has managed the Framlington UK Growth Fund which delivered first quartile performance in 2005*.
Mervyn Douglas joined Morley from LGIM where he had been working as a fund manager since early 2005. He previously worked at Morley from November 2002 and was lead manager on the Norwich UK Equity Fund. Mervyn managed the LGIM Growth Trust Fund which delivered first decile performance in 2005*.
Ian Lancaster joined Morley from Progressive Alternative Investments Limited, where he managed the Elite MoneyGuru Income with Growth Unit Trust and Stockbridge – a small and mid cap equity long/short hedge fund. Prior to this he was head of investment at MG Capital plc and previously Smaller Company Investment Manager for General Accident. He brings 17 years’ fund management experience to the team and a very strong track record.
James Follows most recently worked alongside Ian Lancaster as assistant fund manager and has 16 years of fund management experience. Prior to Progressive Alternative Investments, James was head of research and assistant fund manager at MG Capital plc.
All five fund managers report to Morley’s head of UK specialist equities, David Lis.
Morley was named Best Firm Operating in Wealth (asset and hedge fund management, private banking) this month in the Here Is The City Best Place to Work Survey 2006.***
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*Source, S&P's Micropal, % change, offer to offer basis, GBP. Past performance is not a guide to the future.
** Source, Lipper Hindsight 5, period to 20 October 2006. Calculation basis: offer to offer, income reinvested at offer, net of fees. Past performance is not a guide to the future.
*** www.hereisthecity.com
For more information contact:
Strahan Wallis
Corporate Communications Manager
Telephone: 020 7809 8618
Notes to editors:
Morley Fund Management
Morley Fund Management Limited is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage Ł162bn from offices around the world as at 30 Septmber 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.
Awards
- Property Fund Manager of the Year, Pensions Management Awards 2006
- Best Commitment to Raising Standards of Trustee Education, Engaged Investor Awards 2006
- Property Fund Manager of the Year, Property Week Awards 2006
- SRI Provider of the Year, Global Pensions 2006
- Central European Property Awards 2005 - Outstanding Company of the Year & Investor of the Year
- UK Pensions Awards 2005 – Property Manager of the Year
- Property Week Awards 2004 – Best Property Fund Manager
- Pensions Management Provider Awards 2003 – Best Property Fund Manager.
Further information about Morley Fund Management can be found at www.morleyfm.com