Nell named new Norwich Property manager
Philip Nell has been appointed head of UK retail property funds at Morley, a role that includes responsibility for both the Norwich Property Trust (NPT) and Norwich Property Investment Fund. The funds had previously been run by Chris Laxton on an interim basis following the departure of Gerardine Davies in July. Nell joined Morley in 1999 and previous had responsibility for a number of segregated and pooled real estate funds.
Recommendation
This fund was rated 3 stars under the management of Gerardine Davies. The fund rating is currently suspended pending a meeting with the new manager. In common with other property funds Norwich Property Trust is currently priced on a “bid” basis, effectively meaning the fund will apply a redemption penalty against those who wish to cash in units.
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Source: Financial Express