Morley suffered revenue fall but held profits
Morley Fund Management, the London funds subsidiary of insurance giant Aviva, suffered a fall in revenues last year, according to accounts filed at the UK’s Companies House, but managed to maintain profits over the year.
The news comes as its parent company today launches Aviva Investors, an international asset management firm that combines the insurer’s asset management subsidiaries around the world. Assets from Morley, which no longer exists as a separate company, account for more than half of the new group’s €297bn ($433bn) funds under management.
Total revenues at Morley were £402m (€506m) for the 12 months to the end of December last year, down a third from £618m the previous year. However, profit before tax was £74m, a drop of 5%.
According to the accounts, profits were maintained thanks to “careful cost management”, which the company achieved while reporting an increase in employees from 688 to 776 over the year.
A spokeswoman said a £40m rise in fees and commissions offset an increase in operating expenses. Morley’s assets under management stayed flat, dropping by £1bn to £165bn over the year.
At the end of June this year, the funds house looked after £152bn, according to its website. Most of Morley’s revenue is derived from the UK, which was responsible for £290m of revenue last year, while Europe accounted for £83m.
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