Morley, one of Europe’s largest property fund managers, has appointed Hoong Wey Woon as fund manager to its Igloo Regeneration Fund.
Morley, one of Europe’s largest property fund managers, has appointed Hoong Wey Woon as fund manager to its Igloo Regeneration Fund.
The Igloo Regeneration Fund was the UK’s first urban regeneration fund investing in mixed-use urban regeneration projects in major towns and cities in the UK*. Hoong Wey will be overseeing all investment acquisitions, disposals and capital expenditure for the fund.
Neil Gardiner, fund manager, said: “We are pleased to have someone of Hoong Wey’s calibre join Morley to continue the success of the Igloo Regeneration Fund. We are confident that Hoong Wey’s experience in business development will play a significant role in the further success of this fund.”
Hoong Wey’s other responsibilities include co-ordinating equity raising for the fund and helping develop debt strategy and debt arrangements. He will be reporting to Neil Gardiner.
Previously, Hoong Wey worked as an associate director in the office of the CEO for Grosvenor, an international property development, investment and fund management group. He was responsible for development and investment in urban regeneration/mixed-use, student accommodation and corporate real estate, as well as international business development, corporate finance and general management.
Prior to this, he worked as an investment banker at Goldman Sachs and Citigroup where he advised institutions on mergers & acquisitions and capital structuring. Hoong Wey began his career at Deutsche Bank providing project financing to clients in the telecoms, utilities and PFI sectors.
The Igloo Regeneration Fund established in 2002, is a joint venture between Morley Fund Management and Igloo Developments Limited.
As at 31 December 2006 the Igloo Regeneration Fund had a gross asset value of Ł86.3 million comprising 22 assets with one under offer. Presently, the portfolio of projects has a completed development value of around Ł2.5 billion creating around 8,500 homes and nearly 10,000 jobs on about 250 acres of brownfield land and reducing fossil fuel use by over 50%. The Fund is only open to professional investors with over Ł5 million to invest.**
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*The United Nations recently referred to Igloo as “The [world’s] first sustainable property fund” - United Nations, Environment Programme Finance Initiative Working Group Meeting, November 2006.
**The Igloo Regeneration Fund is an unregulated collective investment scheme for the purpose of the UK Financial Services and Markets Act. Information regarding the scheme is therefore intended only for intermediate customers and those to whom the scheme can be promoted under the Act. As this is an unregulated collective investment scheme all or most of the protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme will not be available. Information regarding the scheme should not be regarded as constituting an offer to invest.
For more information go to: www.igloo.uk.net or contact:
Strahan Wallis
Corporate Communications Manager
Telephone: 020 7809 8618
Morley
Notes to editors:
Morley
Morley Fund Management Limited is the UK-based asset management business of Aviva plc. Firms within the Morley group of companies manage Ł165 billion 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 Aviva brand.
Awards
- 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 www.morleyfm.com