Aviva Investors prepares to expand real estate multi-manager global platform

Article date: 25 April 2008

Morley and Aviva Capital Management, two of the businesses that will form part of Aviva Investors1, the global asset management business of Aviva plc (Aviva), are delighted to announce an agreement has been reached to acquire the assets of  Madison Harbor Capital LLC. Madison Harbor is a US real estate investment firm focused on multi-manager and fund of funds.

Founders Ed Casal and Russ Bates, along with the rest of Madison Harbor's employees, will join the existing multi-manager team that reports to Nick Mansley, currently director of property strategy and indirect investment at Morley and who has overall responsibility for the global real estate multi-manager business. The new hires will grow the global real estate multi-manager team to 17 - located in New York, London and Singapore - providing on-the-ground property expertise focused on real estate multi-manager investing.  Further resources to support client service and operations will be added as the business expands.

This marks a significant milestone in the transition to Aviva Investors and is in line with its goals to create a truly global multi-manager capability with the potential for global growth, and an entry into the US real estate investment market.

Ian Womack, currently managing director, Property of Aviva's Morley unit and who from September will be managing director, Aviva Investors Global Property, said: "By building our real estate multi-manager capability through the integration of the Madison Harbor team and leveraging the Aviva Investors distribution network worldwide, we will have the potential to develop a highly profitable business that adds real value for our clients.

"This acquisition fits strategically with Aviva's plans to grow its asset management business worldwide, in line with the increasingly global needs of its clients. Morley is already one of the largest managers of European property assets and a key player in the indirect investment market in both Europe and Asia Pacific. The addition of this team provides us with an excellent entry point to the US market."

Ed Casal and Russ Bates bring decades of experience in the US real estate investment industry. Mr Casal has been active in the sector for more than 25 years, 18 of which were spent with UBS including as head of the Dillon Read real estate group and executive director of UBS Warburg's global real estate investment banking team. Mr Bates has 15 years of relevant experience including as a director with UBS Investment Bank and before that with Friedman Billings Ramsey.

Greg Boal, president of Aviva Capital Management, and who has been appointed chief executive officer, Aviva Investors North America, said: "We're delighted to have picked up such an experienced and well-regarded team in a market that we expect to grow significantly in the coming years.

"This acquisition will provide us with a credible global real estate multi-manager platform to sell to US institutions, endowments and family offices in conjunction with the wider Aviva Investors and group sales teams, as well as to offer through our broader network worldwide."

Nick Mansley, director of property strategy and indirect investment, with responsibility for the real estate multi-manager business, said: "I am really excited about this addition to the business.  We now have a fully functioning global property investment platform enhancing our access to managers and funds and enabling us to take a truly global approach to investing in unlisted funds.  

"The Madison Harbor team's experience in both North American and global mandates, including the emerging markets of Brazil and India, complements the existing team's experience in the UK and the rest of Europe and developed and emerging markets in Asia, notably China. The team's analytical approach to portfolio construction and rigorous approach to fund selection mirrored our own and made them the natural choice to help take this business forward."

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1 On 28 February 2008, Aviva plc announced it was combining its asset management businesses to create a single, globally integrated asset manager to be known as Aviva Investors - to be launched formally in September 2008.

Aviva Investors will be the global asset management business of Aviva plc, the world's fifth-largest insurer. Firms that will become Aviva Investors have £316 billion (US$623 billion) of assets under management as at 28 February 2008 and significant growth potential.

For more information contact:
Angela Warburton
Corporate Communications
Telephone: + 44 (0)20 7809 8618

Notes to editors:

Morley
Morley Fund Management Limited (Morley) is a subsidiary of the Morley Fund Management Group Limited. Morley is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage £164bn (€223bn) from offices around the world as at 31 December 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 £31bn (€43bn) of UK and European property assets.

Aviva Capital Management
Aviva Capital Management, an SEC registered and GIPS® compliant investment adviser, specializes in institutional income-driven asset management. This specialization allows us to offer you targeted investment advisory services for your income-driven needs. Adhering to strict risk management policies, we seek to position you for long-term success.

With over $32 billion in assets under management, our team of investment professionals seeks to deliver superior results to institutional clients worldwide using disciplined processes and creative solutions while providing exceptional client service.

Aviva Investors
On 28 February 2008, Aviva plc announced it was combining its asset management businesses to create a single, globally integrated asset manager to be known as Aviva Investors - to be launched formally in September 2008.

Aviva Investors will be the global asset management business of Aviva plc, the world's fifth-largest insurance group. Firms that will become Aviva Investors have £316 billion ($623 billion) of assets under management as at 28 February 2008 and significant growth potential.

Operating under a single brand with more than 1,300 employees in 15 countries across the UK, Europe, North America and Asia, and subject to regulatory approval, Aviva Investors will combine businesses in the UK (Morley Fund Management), North America (Aviva Capital Management, MFM International, Aviva Investment Canada), France (Aviva Gestion d'Actifs), Australia (Portfolio Partners), Poland (CUIM Polska), Ireland (Hibernian Investment Managers), Spain (Aviva Gestion SGIIC (Gestora)) and Romania (CertInvest) and work in partnership with Delta Lloyd Asset Management in the Netherlands.

Recent Morley Awards

  • Property Manager of the Year, UK Pensions Awards 2008
  • Best Property Manager - Financial News Excellence in Institutional Management Awards, Europe 2007
  • Property Manager of the Year, UK Pensions Awards 2007
  • Morley ranks no.1 fund manager in the Thomson Extel SRI Survey, 2007
  • Property Fund Manager of the Year, Pensions Management Awards 2006
  • Property Fund Manager of the Year, Property Week Awards 2006
  • Best Commitment to Raising Standards of Trustee Education, Engaged Investor Awards 2006
  • SRI Provider of the Year, Global Pensions 2006

Aviva plc

  • Building a global asset management capability is one of Aviva's strategic priorities and as such Aviva Investors will be a key component in Aviva's composite model of long-term savings, general insurance and asset management.
  • Aviva is the leading provider of life and pension products in Europe (including the UK) with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
  • Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £49.2 billion and funds under management of £364 billion at 31 December 2007.
  • The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.

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