Douglas to manage NU's UK equity fund

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Mervyn Douglas has taken over from David Lis as lead fund manager of the Norwich Union UK equity fund at Morley Fund Management.

Douglas – who has been deputy lead manager of the UK equity fund and manager of the £79m Norwich UK income and growth fund since joining the firm from Schroder last year – expects the Norwich UK equity fund to be NU's main seller for the 2004 Isa season. NU's UK equity fund holds between 50-60 stocks, says Douglas, of which 80% is in 'undervalued growth' stocks and around 20% in 'special situation' stocks. This move will free Lis up to turn his attentions to managing the higher risk Norwich Union UK growth and Morley UK focus funds, says Alan Gadd, managing director of UK and European Re...

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