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Morley’s UK reshuffle

Morley Fund Management is reorganizing its UK property team and has promoted Philip Nell as new lead manager for two leading retail funds.

Nell takes charge of the £4 billion ($8.25 billion) Norwich Property Trust and the £429 million Norwich Property Investment Fund.

Nell’s promotion was prompted by the departure of the two funds’ managers, Gerardine Davies and David Wise, who left for Aegon earlier this year (see Aegon takes three from MorleyLiquid Real Estate, issue 03 2007).

As head of UK retail property, Nell will be the first manager to have combined responsibility for both funds. Previously he was in charge of various segregated and pooled funds.

In other changes, Andrew Appleyard becomes head of specialist property. He was previously manager of the out-of-town retail and leisure fund. Philip Clark, former head of the Morley specialist funds, also left for Aegon with Davies and Wise in the summer. Appleyard’s successor has not yet been appointed.

Robert Walton is Morley’s head of UK institutional, a new position. He was previously head of segregated accounts.

Neil McLeod, acting fund manager for central London offices portfolio, has been confirmed in the job; he, together with Ben Stirling, head of European property, now reports directly to Ian Womack, real estate managing director.