IRELAND/UK – A consolidation of Aviva’s two fund managers, Morley Fund Management and Hibernian Investment Managers looks to be on the cards.

Hibernian has confirmed that a review of the fund management business in Ireland is currently underway as part of an ongoing review by Morley Fund Management.

In its statement, Hibernian, said: “There has been widespread consolidation of fund management expertise into the major trading centres of the world in recent years. Thus enabling companies with worldwide operations to benefit from economies of scale, to reduce business costs and to improve customer service.”

Both Hibernian and Morley have been working with and will continue to work with its staff union representatives in Amicus-MSF, said the statement.

Further comment will not be given until the final outcome of the review is agreed.

Hibernian Investment Managers is the fourth largest fund management company in Ireland with 7.1 billion euros in assets under management, and has a 13% share of the life and pensions market. Hibernian Life and Pensions, and Hibernian General Insurance are not affected by the review.

Morley Fund Management, based in London has over 146 billion euros in assets under management. Like Hibernian, Morley is a wholly owned subsidiary of the Aviva financial services group.

Morley also acts as investment manager for a range of retail investment funds, marketed in the UK by Norwich Union, and international funds marketed under the Aviva Funds brands.

Morley has also just launched a website for pension fund trustees, designed to improve their understanding of the pension fund industry. The website, covers the following areas: the role of pension fund trustees, the different types of occupational pensions schemes available, an introduction to investments, the role of independent consultants, and the Myners' Review and FRS 17 accounting standard.