Article date: 20 September 2007
Philip Nell has today been appointed head of UK retail property funds at Morley. This new role combines responsibility at the fund manager level for both the Norwich Property Trust (NPT) and Norwich Property Investment Fund (NPIF). This is an internal appointment and is testament to the depth of talent and expertise within the existing property team.
Neil Davies, director of marketing - investments, Norwich Union, said: "Norwich Union has a justifiably strong reputation for its property investment products and we are delighted at Philip's appointment. We firmly believe commercial property continues to be an attractive asset class for investors within a diversified portfolio and we are committed to providing the best possible returns for customers. I'm confident Philip's expertise and familiarity with our business will help us to do this for the many Norwich Union customers invested in both these funds, further strengthening our position in this market."
Philip Nell, said: "Having had previous responsibility for a number of both segregated and pooled real estate funds at Morley, I am very much looking forward to managing the Norwich Property Trust which, with assets over £4 billion (as at 31 August 2007), is one of the largest property funds in the UK. There are a number of opportunities which my new appointment brings; particularly the prospect of creating a common approach to managing both the Norwich Property Trust and Norwich Property Investment Fund with the aim of bringing greater benefits to our investors."
Norwich Union also offers a European commercial property investment vehicle, the European Property Fund, and Julian Taylor will continue to manage this fund.
Press office contacts - Norwich Union
Lucy Grubb 020 7662 3624
Emma Broadbent 01904 452791
Notes to editors:
The value of investments can go down as well as up, and you may not get back your original investment. Property may not be readily saleable therefore there may be delays in cashing in the investment. The value of property is generally a matter of a valuer's opinion rather than fact.
Philip Nell's appointment is one of a number of key roles announced by Morley within its property business. Further information on this can be found in the press release issued by Morley and available on www.morleyfm.com
Biography of Philip Nell
Philip Nell is fund manager for the Norwich Property Trust and Norwich Property Investment Fund. Philip joined Morley in February 1999 and has undertaken several roles including: responsibility for purchases and sales of industrial investments for the Norwich Union Life Fund; fund manager of the CGNU Shareholders Fund; fund manager of two segregated portfolios for corporate and local authority clients, and most recently fund manager of three key UK Specialist Funds with assets totalling over £5 billion - The Mall Fund, The Junction Fund and The Apia Regional Office Fund.
He was appointed fund manager for The Mall Fund in May 2002, and given overall responsibility for The Junction Fund and The Apia Regional Office Fund in July 2005, before being appointed head of UK retail property funds in September 2007. Previously, Philip worked for Jones Lang LaSalle in their National Investment Team.
Philip holds a BSc in Estate Management, a Diploma in Property Investment from the Investment Property Forum, is a Member of the Royal Institution of Chartered Surveyors, a member of The Investment Property Forum Academic Faculty Board, and contributes widely to academic and property industry organisations.
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.
Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £168bn (€250bn) from offices around the world as at 30 June 2007.
- Property Manager of the Year, UK Pensions Awards 2007
- Property Fund Manager of the Year, Pensions Management Awards 2006
- Property Fund Manager of the Year, Property Week Awards 2006
- Property Week Awards 2004 - Best Property Fund Manager