Morley appointed to manage £60m property portfolio for Environment Agency

Article date: 13 July 2005

Morley Fund Management, one of Europe’s largest fundmanagers, has been appointed to manage a £60 million propertymandate for the Environment Agency Pension Fund. Morley will managethe fund on a multi-manager basis and will apply an environmentaloverlay strategy to the portfolio.

Phil Ellis, head of Institutional Property Funds at Morley, willbe the lead fund manager for the mandate and will invest in aportfolio of indirect UK property funds. The performance objectiveof the £60 million portfolio will be to achieve a total return (netof fees) of the IPD UK Monthly Index + 1%, over rolling 3 yearperiods. This is the first allocation to property that theEnvironment Agency Pension Fund has made.

Morley has been managing property multi-manager funds forinstitutional clients for over 8 years. Morley manages 13specialist sector focussed property funds, including The Mall, ashopping centre fund, the Junction, a retail warehouse shoppingpark fund, Ashtenne Industrial Fund, Quercus, a healthcare fund andIgloo, the UK’s first urban regeneration fund.

Commenting on the mandate, Phil Ellis at Morley, said:"We’re delighted to have been chosen by the EnvironmentAgency as their first property fund manager. We believe it isimportant to have exposure to commercial property in any balancedinvestment fund and a multi-manager approach provides theperformance potential, diversification and liquidity required byclients. Our approach means we can meet these financialrequirements in a way that is compatible with the EnvironmentAgency’s environmental concerns."

The Environment Agency’s Active Pension Fund, with amarket value of £1.1bn, is the twentieth largest fund in the LocalGovernment Pension Scheme (LGPS).

For further information please contact:
Laura Cook,Corporate Communications 020 7809 8125

About Morley Fund Management

  • Morley Fund Management (‘Morley’) is a Londonbased, asset management business with over £128 billion* undermanagement. The property team manages in excess of £15 billion* ofUK and European property assets, making Morley the largestproperty fund manager in Europe.
  • Winners of the high profile Property Week Fund Manager of theYear Award 2004 and the UK Pensions Awards Property Fund Managerof the Year 2005, the team consists of 60 investment professionalsand manages a range of funds on behalf of institutional, pensionand retail clients.
  • Morley has been at the forefront of innovation in propertyfund management and has launched eleven specialist sector basedfunds with partners, including the Jersey-based Unit Trusts: IglooRegeneration Fund, Quercus Healthcare Property, The Junction andThe Mall.
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