Aviva 2001 Annual Report Download - page 17

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France
Victoire Asset Management w as chosen
as the best asset management team in
the French insurance industry for 2001.
Market position Growing and protecting people’s personal wealth
over the longer term is fundamental to our business. We need a
world-class fund management operation to enable us to provide a
premier investment service to our customers and generate superior
returns.This business will underpin our long-term savings products
with excellent investment returns for our own funds, while attracting
more funds from institutions and other third parties.
The fund management business invests policyholders’funds, provides
investment management for institutional pension fund mandates,
and manages a range of retail investment fund products. Clients
include CGNU group businesses and strategic partners, third-party
organisations, investment professionals, independent financial
advisers and private investors.
Our main fund management operations are in the UK, France, the
Netherlands and Australia. With some £209 billion of assets under
management at 31 December 2001, we are one of the largest
UK-based fund managers and among the top 10 in Europe.
During the year we completed the integration of our UK fund
management operations, which was achieved on target for costs
and ahead of schedule.This was a significant achievement,
given that we also remained focused on “business as usual”activities.
Morley Fund Management is now one of the largest fund
management businesses in the UK, managing over £100 billion of
assets from its offices in London, Tokyo, Singapore and Boston.
Clients have access to the full resources of the Morley team, with
more than 170 investment professionals, including fund managers,
analysts, economists and strategists.
As we develop our global operations, Morley will be established as
the key platform for CGNU to build a world-class fund management
business. Morley will seek opportunities to enhance our long-term
savings business and create value by managing third-party assets in
fast-growing and profitable markets.
Performance and products The past year has seen a difficult
investment environment, with lower equity markets and volatility
caused by uncertainty over economic conditions around the world.
Despite these challenges, Morley continued to build its position in the
institutional market, particularly for European equities, fixed income
and socially responsible investment (SRI) propositions. It secured
£3.0 billion of new mandates during 2001 (2000: £495 million),an
increase of 500%, which places Morley in the top three for actively
managed UK institutional mandates for external new business.
Morley was rated best UK insurance fund manager in the Standard &
Poor’s awards in March 2001. Two of our corporate analysts received
top ratings, one in the Reuters UK Larger Companies Survey and
one in the Reuters UK Smaller Companies Survey. Morley also came
seventh overall in the Reuters UK Larger Companies top asset
management groups survey, leaving it well placed as a member of
the leading group of UK asset managers.
Building a world-class
fund management business
15 CGNU plc