Morley fund manager Chris Murphy has taken over the Norwich Union UK growth fund from David Lis, who is giving up running retail money.
Lis will continue to run Aviva Life’s £1.3bn special situations institutional fund and a £450m focus fund for pooled and segregated pension fund clients.
Murphy will continue with the fund’s strategy of creating growth but will reduce its exposure to traditional growth sectors such as biotechnology.
The fund will have a mid-cap bias and focus on cashflow and value creation to deliver stock performance.
Morley fund manager Richard Colwell will take on Murphy’s previous mandate, the Norwich income and growth fund, focusing on a more concentrated portfolio of stocks with greater exposure to the FTSE 250. He will look for potential investments that mirror the private equity investor seeking value creation.
Hargreaves Lansdown senior investment adviser Ben Yearsley says: “They have obviously been trying to strengthen their UK equities team for about last six months to a year after many years of pretty poor performance. Even with the new guys coming in, I think they probably have still not yet done enough. The jury is probably still out at the present time.”