Article date: 6 November 2006
Norwich Union is to launch a global property fund givinginvestors an opportunity to invest in commercial property companiesin the US, Asia, Canada, Australia and Europe.
The Norwich Global Property Fund will invest in between 50 and 75real estate investment trusts and be available from 27 November2006.
Real estate investment trusts (REITs) are listed companies that ownincome-producing real-estate related assets such as officebuildings, retail shopping centres and logistic warehouses. Becausethey are publicly listed securities, REITS enable investors totransfer money in and out of the market easily.
REITS diversify portfolios by giving exposure to property-basedsecurities. In general they do not pay corporation tax and have todistribute most of their income as dividends.
The fund will be managed by Morley Fund Management and CBRE GlobalReal Estate Securities. Morley will be the lead manager and hasoverall responsibility for formulating strategy and managing thefunds UK and European investments. CBRE will be responsible formanaging all investments outside Europe and will focus on US andAsia Pacific markets. The fund manager will be Paul van de Vaart.(See notes to editors).
In the past 18 months Norwich Union has:
- Launched the Norwich UK Special Situations fund, managed bySchroders
- Added 61 funds to Portfolio life bond
- Launched the Norwich UK Growth and Value fund, managed byJPMorgan Asset Management
- Added unique Inflation Protected Guarantee to with-profitsbond
- Launched four manager of managers funds, managed by Aon AssetManagement
- Added three fund of funds, managed by IMS, to its Isarange.
Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617
Notes to editors:
About Norwich Union
Norwich Union is the UK’slargest insurer. It is a leading provider of life, pensions andinvestment products and one of the largest financial adviser (FA)providers. FAs provide over 70% of the company's long-term savingsbusiness in the UK.
Norwich Union is the UK’s largest general insurer with amarket share of around 14%, with a focus on insurance forindividuals and small businesses.
Norwich Union’s news releases and a selection of images areavailable from Aviva's internet press centre atwww.aviva.com/media
About the Norwich Global propertyfund
Initially 80% of the portfolio will be invested inREIT-type companies invested in 13 countries and five primaryproperty sectors.
About Paul van de Vaart
Paul van de Vaart joined MorleyFund Management in October 2006. He previously worked as seniorportfolio manager (Real Estate Europe) at ABP Investments since2002, after having joined in 1997. ABP is based in Amsterdam and isthe pension fund for employers and employees within the Dutchgovernment and the educational sector.Paul is an experienced fundmanager with specialist knowledge of UK and European listed realestate securities.
About Morley Fund Management
Morley Fund ManagementLimited is the UK-based asset management business of Aviva plc.Firms within the Morley group of companies manage £162bn fromoffices around the world as at 30 Septmber 2006.
Morley manages both institutional and retail funds under the Morleybrand. It also acts as investment manager for a range of retailinvestment funds, marketed in the UK under the Norwich Union brand,and international funds marketed under the Aviva Funds brand.
Further information about Morley Fund Management can be found atwww.morleyfm.com
With more than £25 billion of property assets undermanagement, Morley is Europe’s largest property fund manager.Morley’s award winning team comprises over 70 dedicatedproperty fund managers and strategists, giving us the size andscope to gain preferential access to all areas of the Europeanproperty market.
CBRE Global Real Estate Securities
CBRE Global RealEstate Securities (a subsidiary of CB Richard Ellis Investors, LLC)specialises in the management of listed property securities and hasin place an experienced team of dedicated REIT managementprofessionals. Based in offices in London, Sydney, Baltimore andLos Angeles, the team uses its global reach and specialist localknowledge to source the best available property securities for thisfund.