Mick Chadwick, one of the best-known figures in the European securities financing industries, has join the securities lending group at Morley Fund Management, the fund management arm of insurer Aviva, which looks after GBP 157 billion in assets. Chadwick, who previously worked at Lehman, UBS and HBOS, joins as head of dealing.
In the UK securities financing market, Morley is one of the largest and longest established direct lenders in the industry. Chadwick will manage the five-strong dealing team and be responsible for the expansion and diversification of the team’s activities. This involves developing the infrastructure, technology and processes needed to make this expansion.
Morley Fund Management’s head of stock lending Sarah Nicholson said the appointment was a sign of Morley’s commitment to building its stock lending business.
“We have been very successful in the past as a traditional UK fee-based lending organisation. To continue our success and remain active in the lending market we need to develop new capabilities. Mick’s appointment is about scaling up what we already do and broadening our team’s activities. We are delighted that he is joining the team,” she said.
Chadwick says his appointment reflects a recognition by Morley that it needs to adapt as the securities financing markets change. “Morley is a significant presence in the market, and as one of the largest and most entrepreneurial lending institutions is able to respond quickly to market demand,” he says. “I am looking forward to working with a great team who are keen to remain at the forefront of the industry.”
Chadwick joined Morley in September and reports to Sarah Nicholson as head of stock lending.
Prior to joining Morley, Cahdwick worked for Halifax PLC/HBOS Treasury Services as head of collateral trading for five years. Before this, he worked at UBS for nine years, where he established their European fixed income repo business.