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Morley bond fund spans yield spreads

Morley Fund Management is offering a new bond fund that taps into the narrowing yield spreads between emerging and developed markets.

It is managed by Kieran Custis and is benchmarked against the JPM GBI-EM broad diversified index.

Morley says the move was prompted by research from the Emerging Markets Traders’ Association, which showed that many countries have been issuing more local-currency debt and are less dependent on foreign-currency bond issues. The fund, which was launched through Aviva Fund Services, is a sub-fund of the Luxemburg domiciled Aviva Morley Sicav.

Meanwhile, chief executive of Scottish Widows Investment Partnership Chris Phillips has resigned to become chief executive at Morley.

Phillips will replace Keith Jones who resigned last September after working for the company for seven years.

The incoming chief executive will have the task of helping the UK’s fourth-biggest asset manager boost inflows from outside Aviva.

Morley has already seen a number of major changes following Jones’s departure last September, with head of equities Tim Thomas leaving after only 11 months and being replaced by the group’s head of emerging markets Niall Paul. A restructure of the business followed, resulting in five equity managers being made redundant last month.

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