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CGU-NU merger halves fund range

Norwich Union Investment Funds is to condense the 48 funds of the existing CGU and NU ranges into 22 when the two ranges merge in May.

The measure will also see the merged investment house disband three funds. The Norwich US smaller companies fund will close on January 31, 2001 while the CGU PPT long gilt portfolio and Norwich master trust funds will close on February 28.

The remaining CGU funds are all unit trusts but will be converted into Oeics in May.

Further changes will see the company&#39s worldwide funds managed from their geographical sectors. The NU Japan growth fund, which will incorporate CGU and GA&#39s Japan funds, will be run from Tokyo. The North American fund will be managed from Boston while the Oriental growth fund will be managed in Singapore.

Norwich Union is also to transfer all its client holding records from the Bank of New York to Fortis at the end of this year.

The restructure sees the death of the CGU brand in the UK, which was formed after the merger of General Accident and Commercial Union two and a half years ago. Considerable investment went into the building of the CGU brand but it was decided the Norwich Union brand is better known in the UK market.

NU spokesman Daniel Longden says: “The CGNU board discovered the NU brand was much stronger in the UK, but that it is not necessarily the case for the rest of the world. In the Netherlands, we are still using the Delta Lloyd brand, while CGU will live on in some other countries.”

NU answers IFAs&#39 question, p13,14,15;

Investment, p26

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