Article date: 27 February 2007
Morley, one ofEurope’s largest property fund managers, has appointed HoongWey Woon as fund manager to its Igloo Regeneration Fund.
The Igloo Regeneration Fund was the UK’s first urbanregeneration fund investing in mixed-use urban regenerationprojects in major towns and cities in the UK*. Hoong Wey will beoverseeing all investment acquisitions, disposals and capitalexpenditure for the fund.
Neil Gardiner, fund manager, said: “We are pleased to havesomeone of Hoong Wey’s calibre join Morley to continue thesuccess of the Igloo Regeneration Fund. We are confident that HoongWey’s experience in business development will play asignificant role in the further success of this fund.”
Hoong Wey’s other responsibilities include co-ordinatingequity raising for the fund and helping develop debt strategy anddebt arrangements. He will be reporting to Neil Gardiner.
Previously, Hoong Wey worked as an associate director in the officeof the CEO for Grosvenor, an international property development,investment and fund management group. He was responsible fordevelopment and investment in urban regeneration/mixed-use, studentaccommodation and corporate real estate, as well as internationalbusiness development, corporate finance and generalmanagement.
Prior to this, he worked as an investment banker at Goldman Sachsand Citigroup where he advised institutions on mergers &acquisitions and capital structuring. Hoong Wey began his career atDeutsche Bank providing project financing to clients in thetelecoms, utilities and PFI sectors.
The Igloo Regeneration Fund established in 2002, is a joint venturebetween Morley Fund Management and Igloo DevelopmentsLimited.
As at 31 December 2006 the Igloo Regeneration Fund had a grossasset value of £86.3 million comprising 22 assets with one underoffer. Presently, the portfolio of projects has a completeddevelopment value of around £2.5 billion creating around 8,500homes and nearly 10,000 jobs on about 250 acres of brownfield landand reducing fossil fuel use by over 50%. The Fund is only open toprofessional investors with over £5 million toinvest.**
*The United Nations recently referred to Igloo as “The[world’s] first sustainable property fund” - UnitedNations, Environment Programme Finance Initiative Working GroupMeeting, November 2006.
**The Igloo Regeneration Fund is an unregulated collectiveinvestment scheme for the purpose of the UK Financial Services andMarkets Act. Information regarding the scheme is therefore intendedonly for intermediate customers and those to whom the scheme can bepromoted under the Act. As this is an unregulated collectiveinvestment scheme all or most of the protections provided by the UKregulatory system do not apply and compensation under the FinancialServices Compensation Scheme will not be available. Informationregarding the scheme should not be regarded as constituting anoffer to invest.
For more information go to: www.igloo.uk.net orcontact:
Corporate Communications Manager
Telephone: 020 78098618
Notes to editors:
Morley Fund Management Limited is theUK-based asset management business of Aviva plc. Firms within theMorley group of companies manage £165 billion from offices aroundthe world as at 15 February 2007.
Morley manages both institutional and retail funds. It also acts asinvestment manager for a range of retail investment funds, marketedin the UK under the Norwich Union brand and in Europe under theAviva brand.
- Equity End User of the Year – Derivatives WeekDEAL Awards 2006
- Property Fund Manager of the Year, Pensions Management Awards2006
- Best Commitment to Raising Standards of Trustee Education,Engaged Investor Awards 2006
- Property Fund Manager of the Year, Property Week Awards2006
- SRI Provider of the Year, Global Pensions 2006
- Central European Property Awards 2005 - Outstanding Company ofthe Year & Investor of the Year
- UK Pensions Awards 2005 – Property Manager of theYear
- Property Week Awards 2004 – Best Property FundManager
Further information about Morley can be found atwww.morleyfm.com