Morley, one of the UK’s largest active fund managers, has signalled its interest in expanding into China by appointing Walter Lin as head of strategic development – China to be based initially in Beijing.
Morley, one of the UK’s largest active fund managers, has signalled its interest in expanding into China by appointing Walter Lin as head of strategic development – China to be based initially in Beijing.
Walter joined Morley in February and will be responsible for establishing an asset management presence for Morley in China through a joint venture vehicle.
Currently, Aviva operates a joint-venture life insurance business in China with China National Oils, Foodstuffs Cereals Corporation (COFCO). Aviva-Cofco has businesses across 15 cities in China and is ranked 5th in premium terms among 25 foreign JV life insurers.
According to Morley’s chief operating officer Nick Alford, Walter’s appointment highlights Morley’s commitment to supporting its parent Aviva’s ambitions for growth in the Asia Pacific region.
“Asia is a high growth market and Morley is looking to establish an asset management presence in China in particular. As the largest fund management company in the Aviva group, Morley looks forward to establishing this presence in China.
“The Chinese asset management market currently manages US$125 billion of assets but is growing rapidly in line with the overall Chinese economy. Liberalisation of the markets will broaden further the opportunities for domestic and foreign investors.
“As the market develops we expect asset management opportunities to increase in the developing pensions, insurance and institutional markets, as well as the already buoyant mutual fund market. The market is predicted to increase ninefold over the next 10 years, to US$1.1 trillion, particularly as Chinese consumers seek to generate higher returns from the US$2 trillion currently held in bank deposits.
“Walter's knowledge of the asset management industry in China will be invaluable to Morley and we look forward to working with him,” he said.
Walter has considerable experience in the securities and asset management industries in China and was most recently president and CEO of the ABN AMRO Teda Asset Management Company in Beijing.
Prior to this, he was chief investment strategist at XiangCai Securities Company Limited in Shanghai and also held a number of other financial research and analysis positions in both China and the USA.
-ends-
For more information contact:
Beth Saint - Corporate Communications
Telephone: 020 7809 8125
Morley
Notes to editors:
Morley
Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £165 billion (€246 billion) from offices around the world as at 31 December 2006.
Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Aviva brand.
Awards
- Equity End User of the Year – Derivatives Week DEAL Awards 2006
- 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
Further information about Morley can be found at www.morleyfm.com
About Aviva
Aviva is the world’s fifth-largest insurance group (based on gross worldwide premiums for the year ended 31 December 2005) and the largest insurance services provider in the UK. We are one of the leading providers of life and pension products in Europe and are actively growing our long-term savings businesses in Asian markets, Australia and the USA.
Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
With a presence in Asia since 1880, Aviva’s main focus are long-term savings and investments with major operations in Singapore, China, India and Hong Kong.
In China, Aviva has a 50:50 joint-venture with China National Cereals, Oils and Foodstuffs Import Export Corporation (COFCO). The JV was formed in 2003 and today, Aviva-Cofco has operations across 15 cities in China. It is now ranked 5th out of 25 foreign life insurers in premium terms.