UBS Rating Clinches Morley Business

Morley Fund Management has structured an investment product linked to a basket of its funds and chose UBS as the counterparty partly because of its high credit rating.

  • 25 Feb 2005
Email a colleague
Request a PDF

Morley Fund Management has structured an investment product linked to a basket of its funds and chose UBS as the counterparty partly because of its high credit rating.

In the structure, called Norwich Active Protector Fund, UBS protects investors' capital through constant proportion portfolio insurance. The Swiss bank also provides gap risk insurance. Jeremy Soutter, product developer at Morley in London, explained it picked UBS because of its AA plus credit rating and its innovation in CPPI structures.

The way the product is designed means Morley can actively manage the investment portfolio and switch the funds in the basket. UBS will only hold between 10-20% of any underlying fund to act as a hedge, according to Soutter, who added the funds in the basket are large enough that hedging by UBS will not impact the value.

Morley launches the product on Tuesday and Norwich Union, a U.K. insurance company, will distribute it. Aviva owns both Norwich Union and Morley.

  • 25 Feb 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 163,028.47 711 8.04%
2 Citi 160,005.15 642 7.90%
3 Bank of America Merrill Lynch 132,268.74 528 6.53%
4 Barclays 127,185.71 494 6.28%
5 HSBC 106,407.22 534 5.25%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 12,912.95 35 6.65%
2 BNP Paribas 12,334.48 61 6.35%
3 UniCredit 11,196.47 58 5.77%
4 Citi 9,580.75 37 4.93%
5 Deutsche Bank 8,953.95 35 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 5,454.13 25 10.54%
2 JPMorgan 4,866.13 28 9.40%
3 Goldman Sachs 4,280.20 20 8.27%
4 Citi 3,649.88 23 7.05%
5 UBS 3,602.23 16 6.96%