Morley Fund Management, one of Europe’s largest fund managers, has been appointed to manage a £60 million property mandate for the Environment Agency Pension Fund.
Morley Fund Management, one of Europe’s largest fund managers, has been appointed to manage a Ł60 million property mandate for the Environment Agency Pension Fund. Morley will manage the fund on a multi-manager basis and will apply an environmental overlay strategy to the portfolio.
Phil Ellis, head of Institutional Property Funds at Morley, will be the lead fund manager for the mandate and will invest in a portfolio of indirect UK property funds. The performance objective of the Ł60 million portfolio will be to achieve a total return (net of fees) of the IPD UK Monthly Index + 1%, over rolling 3 year periods. This is the first allocation to property that the Environment Agency Pension Fund has made.
Morley has been managing property multi-manager funds for institutional clients for over 8 years. Morley manages 13 specialist sector focussed property funds, including The Mall, a shopping centre fund, the Junction, a retail warehouse shopping park fund, Ashtenne Industrial Fund, Quercus, a healthcare fund and Igloo, 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 Environment Agency as their first property fund manager. We believe it is important to have exposure to commercial property in any balanced investment fund and a multi-manager approach provides the performance potential, diversification and liquidity required by clients. Our approach means we can meet these financial requirements in a way that is compatible with the Environment Agency’s environmental concerns."
The Environment Agency’s Active Pension Fund, with a market value of Ł1.1bn, is the twentieth largest fund in the Local Government 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 London based, asset management business with over Ł128 billion* under management. The property team manages in excess of Ł15 billion* of UK and European property assets, making Morley the largest property fund manager in Europe.
- Winners of the high profile Property Week Fund Manager of the Year Award 2004 and the UK Pensions Awards Property Fund Manager of the Year 2005, the team consists of 60 investment professionals and manages a range of funds on behalf of institutional, pension and retail clients.
- Morley has been at the forefront of innovation in property fund management and has launched eleven specialist sector based funds with partners, including the Jersey-based Unit Trusts: Igloo Regeneration Fund, Quercus Healthcare Property, The Junction and The Mall.
- Visit www.morleyproperty.com and www.igloo.uk.net