RNS Number:8617N
Savoy Asset Management PLC
23 July 2003

Stock Exchange Announcement





For immediate release





Wednesday 23rd July 2003





SAVOY ASSET MANAGEMENT PLC





PRESS STATEMENT





MAJOR EXPANSION OF LONDON OPERATION





The Savoy Asset Management plc Group of companies ('Savoy') is pleased to
announce a significant expansion of its London office, through the recruitment
of a number of investment managers and their support staff.  In total 10
investment managers and their support staff will be joining Savoy.  All have had
significant experience in a number of investment houses, most recently with SG
Investment Management Limited.



A significant part of the business that will be brought by this team will
complement the private client investment services, both discretionary and
advisory, already offered by Savoy through its three UK offices, but it will
additionally bring to Savoy specific expertise in the field of managing
derivative products, as well as strengthening Savoy's existing offshore client
base.



Christopher Saunders, Chief Executive of Savoy, said, "we are delighted to be
taking on this team in our London Office.  This team manages approximately #300m
of funds and has historically generated fee and commission income totalling
approximately #5m from these funds.  This is a significant development for the
Group and produces the critical mass needed to develop the London operation into
a profitable unit and one we will be looking to further develop and grow.  The
individuals joining us all have proven experience over a number of years in
difficult market conditions and will provide a sound base to take Savoy into the
next phase of its development ".



Howard Hughes, Chief Executive Officer of Savoy's London operation, said: "The
cyclical downturn and generally depressed mood of our industry has, for some
months, been regarded as providing an opportunity for Savoy to achieve its
strategic objective of growing its assets under management through recruitment.
Knowing this particular team well, I am confident that they will quickly
integrate and provide the cornerstone for the future growth of the London
operation".



The Chairman of Savoy, the Rt. Hon. Kenneth Clarke M.P., commented:  "We welcome
these investment managers and, indeed, their clients into Savoy, at a time when
it appears that the investment climate is beginning to improve and restore some
confidence in the concept of professional, international asset management, as
practised within our Group."



For further information, please contact:-



Christopher Saunders - Chief Executive, Savoy Asset Management PLC   0161 449 0456



Howard Hughes - Chief Executive Officer, London, Savoy Asset Management PLC   020 7659 8000


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