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Aviva plc
Annual Report and
Accounts 2007
UK – Fund management
29
Business
review
Dear Shareholder,
Morley is entering an exciting phase
as it forms a key component in Aviva’s
global asset management business.
In line with this strategic priority, Morley
will be combined with Aviva’s other asset
managers worldwide to create Aviva
Investors, a global investor capability.
We start this transformation from a
position of strength. Morley is one of
the UK’s largest active fund managers
with more than £165 billion of funds
under management and a broad range
of specialist investment expertise,
experience and performance.
We made good progress in 2007 in
expanding our global reach. We opened
new offices in Spain and Germany,
agreed a joint venture in China and
established a property presence in the
Asia Pacific region. All this was achieved
while maintaining our focus of operating
a client-centric business based on a
suite of high quality products that are
differentiated by performance.
Our challenge now is to move fast to
draw these strengths together with the
fantastic potential elsewhere in the group’s
asset management businesses and create
a truly global Aviva investment operation.
Fund managers across the group
currently manage £316 billion in funds
across a broad range of asset classes.
Bringing the separate operations together
allows us to bring the best capabilities and
performance from around the world to all
our clients.
Alain Dromer
CEO, Morley Fund Management and Aviva Investors
UK – Fund management
Operating profit Operating profit
IFRS basis EEV basis
12 months 12 months 12 months 12 months
2007 2006 2007 2006
£m £m £m £m
Morley 87 76 51 44
The Royal Bank of Scotland (9) (7) (9) (7)
Norwich Union investment funds (1) 1(1) 1
Tota l 77 70 41 38
0
20
40
60
2004 2005 2006 2007
80
(£m)
IFRS Operating profit
0
60
30
90
120
2004 2005 2006 2007
150
(£bn)
Funds under management (Morley)