Article date: 16 April 2007
- 50%1 growth of funds under management and new people added to support expansion
Morley, now the world's largest manager of European property assets2, has made four new hires and promoted its head of European property on the back of 50% growth in funds under management in the region.
Over the last year Morley launched four new European and global property funds and is now partnered with six3 of Europe's leading real estate companies across those funds.
In continental Europe, Morley now manages eight funds that own 64 properties across 13 countries and has over €3 billion of funds under management. Over the last year Morley managed funds acquired 34 new commercial properties in ten countries across continental Europe.
Ben Stirling, head of European property has been promoted to Morley's property executive - the senior management team responsible for managing Morley's €44 billion of property funds under management.
The four new people joining Morley's European property team to support the expansion in Europe are: Robert Wood as fund manager, Andreas Von Gossler as acquisitions manager, Lorenzo Segre as asset manager and Matthew Hills as acquisition analyst.
Ian Womack, managing director property, Morley commented: "Our European property business on the continent is growing. Ben's promotion and the continued hiring of new people for our team are a reflection of Morley's strong commitment to the region and our many partners on the continent. It also reflects the success Ben has had in leading this part of our business - last year the team delivered an excellent 17.8% return across our European property funds4."
Ben Stirling, head of European property, Morley added: "Morley's size and ambitions in Europe come from demonstrably strong performance and by being one of the most innovative creators of property funds and services in the market. We expect further growth this year and are experiencing continued demand for European property from investors in the UK and across Europe. I am pleased to welcome Robert, Lorenzo, Matthew and Adreas to the team and look forward to working with them to maintain our positive momentum in the region."
Appointments announced today:
Robert Wood joins the team as fund manager in an internal move from the Norwich Property Trust. With Julian Taylor now the lead manager for the European Property Fund, Robert takes over the Aviva Central European Property Fund and the German Retail Investment Property Fund.
Andreas Von Gossler joins the team as acquisitions manager on the recently launched European Property Fund. He joins from Union Investment Real Estate AG (formerly Deutsche Immobilien Fonds - DIFA) where he was senior investment manager. He reports to Julian Taylor.
Lorenzo Segre joins the team as asset manager on the recently launched European Property Fund. He was previously at Pirelli Real Estate where he was asset manager of "Fondo Tecla" - the largest Italian real estate fund listed on the Italian "MTF" Stock Exchange. He reports to Julian Taylor.
Matthew Hills joins as acquisitions analyst on the recently launched European Property Fund. He joins from HDG Mansur Investment Services where he was European investment analyst. He reports to Julian Taylor.
1. Morley's European funds under management at 31 December 2005 were €2,565 million and at 31 December 2006 €3,710 million; a percentage increase of 50.5%.
2. Source: As of September 2006. Source: The Banker/Property Funds Research Global Manager survey.
3. LaSalle Investment Management, British land, SachsenFonds, King Sturge, Teesland iOG, Parkridge.
4. Source: Morley - performance figure is calculated on a net of fees basis over 12 months to 30 September 2006, for the five commercial property funds which reported performance over that period. Figures are annualised when a full year's performance does not exist.
For more information contact:
Beth Saint Telephone: +44 (0)20 7809 8125
Corporate Communications Manager
Notes to editors:
Morley Fund Management Limited is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £165bn from offices around the world as at 15 February 2007.
Morley manages both institutional and retail funds. It also acts as investment manager for a range of retail investment funds, marketed in the UK under the Norwich Union brand and in Europe under the Morley name.
The property team manages in excess of £29bn (€44bn) of UK and European property assets.
- Equity End User of the Year - Derivatives Week DEAL Awards 2006
- Property Fund Manager of the Year, Pensions Management Awards 2006
- Best Commitment to Raising Standards of Trustee Education, Engaged Investor Awards 2006
- Property Fund Manager of the Year, Property Week Awards 2006
- SRI Provider of the Year, Global Pensions 2006
- Central European Property Awards 2005 - Outstanding Company of the Year & Investor of the Year
- UK Pensions Awards 2005 - Property Manager of the Year
- Property Week Awards 2004 - Best Property Fund Manager
Further information about Morley can be found at http://www.morleyfm.com/