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Morley, one of the UK's largest active fund managers, is pleased to announce the launch of the new Sterling Liquidity Enhanced fund, an institutional investment fund designed for investors looking for higher yields but who don't need immediate access to their cash.

The fund, which is targeted specifically at corporate, institutional and public sector treasurers, completes Morley's suite of sterling liquidity products. It has been awarded an Aaa bond fund credit rating and MR2 market risk rating by Moody's Investors Service.

Morley's range of sterling liquidity products includes:

• Sterling Liquidity fund (rated Aaa by Moody's) with its daily liquidity facility gives investors easy access to their cash when required. This fund has for the first time since launch in June 2002 passed the £3 billion funds under management threshold* making it one of the largest sterling liquidity funds in the market.
• New Sterling Liquidity Enhanced fund (rated Aaa by Moody's) aims to offer a higher return over what investors can get from a traditional money market fund for a moderate increase in risk.
• Sterling Liquidity Cash Plus fund (rated Aa by Moody's) aims to provide higher returns to longer term investors by taking more interest rate, credit and liquidity risk.

Morley's head of liquidity business development, Colin Cookson, said: "Treasurers face competing priorities when managing cash. Striking the balance between liquidity, security and yield is the biggest challenge. Morley's Sterling Liquidity fund range provides investors with a range of solutions to suit their cash investment requirements."

Managed by Morley's Matthew Tatnell, the Sterling Liquidity Enhanced fund invests in fixed and floating rate instruments including but not limited to commercial paper, floating rate notes, certificates of deposit, freely transferable promissory notes, debentures, asset-backed securities and bonds. The fund manager aims to achieve a return of seven-day LIBID plus 0.25%.

The Moody's credit rating reflects the high credit quality of the portfolio, together with the consistent and iterative investment process, sound compliance and risk management structure while the market risk rating reflects the fund's low sensitivity to changing interest rates and other market conditions.

Morley has a team of seven highly experienced and dedicated money market specialists who manage more than £15 billion in cash**.

-ends-

*   As at 23rd November 2007
** As at 30th September 2007

For more information contact:
Beth Saint
Corporate Communications
Telephone: 020 7809 8125

Notes to editors:
The value of an investment in the fund can go down as well as up and can fluctuate in response to changes in exchange rates. Investors may not get back the original amount invested. Past performance is not a guide to the future.

Copies of the Full and Simplified Prospectus together with the Report and Accounts of the SICAV are available free of charge from Morley Fund Management Limited, No 1 Poultry, London EC2R 8EJ.

Morley
Morley is the UK-based asset management business of Aviva plc.  Firms within the Morley group of companies manage £167bn (€240bn) from offices around the world as at 30 September 2007. 

Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Morley name.

The property team manages in excess of £31bn (€45bn) of UK and European property assets.

Awards

• Best Property Manager - Financial News Excellence in Institutional Management Awards, Europe 2007
• Morley ranks no 1 fund manager in the Thomson Extel SRI Survey, 2007
• Property Manager of the Year,  UK Pensions Awards 2007
• Morley's G7 Fund awarded Fixed Income Hedge Fund of the Year, Eurohedge Awards 2006
• Equity End User of the Year - Derivatives Week DEAL Awards 2006
• Property Fund Manager of the Year, Pensions Management Awards 2006
• Best Commitment to Raising Standards of Trustee Education, Engaged Investor Awards 2006
• Property Fund Manager of the Year, Property Week Awards 2006
• SRI Provider of the Year, Global Pensions 2006
• Central European Property Awards 2005 - Outstanding Company of the Year & Investor of the Year
• UK Pensions Awards 2005 - Property Manager of the Year

Aviva
Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.

Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.

The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.