Morley Fund Management – the fund management arm of Aviva, the UK company created by the merger of the Norwich Union life and pensions company with Commercial Union- today announced that it had opened a representative office in Milan. The fund manager describes the move into Italy as “a further progression of Morley’s focused European strategy.”
The company says that in Italy it will concentrate on identifying opportunities in the institutional and third-party distribution market, as well as leveraging the existing distribution capabilities of its parent company Aviva.
Morley will also be looking to promote funds from its Privilege Portfolio range, a Luxembourg-based SICAV. Privilege Portfolio is already promoted in 15 countries across Europe, including Spain, Germany and the Nordic region. Key products include a comprehensive range of SRI funds, as well as European equities, bonds and property funds.
The Italian mutual fund industry has grown significantly over the last decade, with assets under management now totalling Euro 569 billion and with 59 per cent of mutual fund inflows derived from bank distribution channels.
“This move is an important step in our strategy to develop a continental European business in a small number of key markets,” says Raoul Bachmann, Managing Director, Continental European Retail. “Italy was our first choice as it is one of the fastest growing and most dynamic mutual fund markets in Europe.”
The office is headed up by Massimiliano Guidi, as Director of Italy, and is supported by a team of three relationship executives.
Morley Fund Management currently has 105 billion under management, with investment management operations in London, Tokyo and Singapore and an associate office in Boston. It is wholly owned by Aviva Group.