LONDON  –  16 May 2005 – Aon Asset Management, a leading provider of Manager of Managers services to the pensions industry, has been appointed by Norwich Union to run its new range of Manager of Managers funds. The new funds will give Norwich Union’s customers access to some of the best investment managers in the world, many of whom were previously available only to pension schemes and larger corporates.

The Manager of Managers funds are available through IFAs and Norwich Union’s direct distribution channels, highlighting the start of Aon Asset Management’s business strategy to partner more retail distributors.  The team is now seeking to increase its presence in Europe by working in conjunction with, for example, banks and life insurers who are looking to boost their offering to customers.

Aon Asset Management is responsible for selecting the underlying managers, tracking their performance and changing them when necessary. Aon was selected following a rigorous due diligence process conducted by Norwich Union and Morley Fund Management, the latter will determine asset allocation across the range of funds. The new funds will comprise Income, Cautious, Balanced and Growth funds, and will be available across Norwich Union’s OEIC, ISA, PEP and life products.

Adrian Swales, managing director of Aon Asset Management Limited, said: “Having established a strong presence in the pensions market with our Manager of Managers services, Norwich Union has recognised how our expertise could benefit existing and new life and investment customers through our management of their funds. Our partnership means that individuals and smaller business clients can now access the same investment opportunities as pension schemes and larger corporates.”

Neil Davies, head of investment at Norwich Union, said: "Monitoring and managing an investment portfolio is an ongoing process that can prove difficult and time consuming for investors, which is why our partnership with Aon is so valuable. The team has an enormous amount of expertise and their involvement means we have the best people and processes to find, appoint, monitor and switch investment managers.”

Note to Editors:



Aon Asset Management (AAM) is a leading provider of Manager of Managers services to the pensions industry. AAM’s investment philosophy is simple: we believe that the key to a successful Manager of Managers offering is to select and appropriately combine good investment managers. Aon Asset Management Limited is authorised and regulated by the Financial Services Authority.

Aon Consulting
AAM is part of Aon Consulting.  Aon Consulting Limited provides manager selection advice to more than 1,000 clients whose assets exceed US$100 billion.  The company is a leading human capital consultancy, helping organisations of every size to attract and keep the employees they need. We advise on all aspects of employment, including health-related insurance and risk; employee compensation and pensions; human resource strategy planning; job design and change management; and staff assessment and legal issues. Aon Consulting is a division of Aon, the UK’s largest insurance broker and provider of risk management services, a major force in reinsurance and the UK human capital consulting market.  Aon Consulting Limited is authorised and regulated by the Financial Services Authority.

Manager of Managers funds offer a different way of investing to the traditional method of investing in one fund with one manager. The key to manager of manager funds is that money in the fund is invested with several managers rather than just one. They give investors access to a range of managers investing in a wide range of assets around the world.

Norwich Union is the UK's largest insurer.  It is the UK's largest provider of life, pensions and investment products and one of the leading IFA providers.  IFAs provide around 75% of the company's long-term savings business in the UK. Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group. Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.


About Aon
Aon Corporation (www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 48,000 professionals in its 500 offices in more than 120 countries.  Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors.  Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, resolution of pending regulatory investigations and related issues, including those related to compensation arrangements with underwriters, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, and the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure.  Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.

Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.