London-based Morley Fund Management, the asset management arm of insurance company Aviva, has recruited a sell-side derivatives specialist as it prepares to make greater use of over-the-counter products.David Barbour joins from Lehman Brothers, where he worked as a senior International Swaps and Derivatives Association negotiator. Morley entered Isda earlier this year, and is now upgrading its front and back office to accommodate a high volume of derivatives trading. The fund has £156 billion of assets under management, around half of which belong to Aviva.
Morley’s head of investment business management, Jez Bezant, said its clients were increasingly interested in using derivatives to solve their investment problems. Those clients, typically pension funds and insurers, demand better protection from investment risk than others in the OTC market.
Barbour will be responsible for setting up a legal framework to manage and control Morley’s use of derivatives, and review current and future contracts. He will also continue to work closely with Isda on issues such as standardisation, which Bezant said was particularly important to the fund. Meanwhile, Bezant said the company would continue to look for sell-side derivatives specialists to help it prepare for trading.
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