James Hay adds Norwich Union European Property Fund

James Hay has added the Norwich Union European Property Fund, managed by Morley Fund Management, to its wrap platform.

The European Property Fund is an open-ended Luxembourg-domiciled SICAV, authorised for sale in the UK, and is the only European (ex-UK) commercial property fund offering daily dealing to UK investors. The total number of funds available on James Hay Wrap is now 1,129 from 50 different providers.

James Hay has added this fund in response to increasing consumer demand for property funds. According to the Investment Management Association, in February 2007, the Specialist sector was the most popular net retail sector with £408m of inflows into property funds.

Shaun Sandiford, Regional Sales Director, James Hay, said: “We are delighted to offer intermediaries access to this important property fund while property funds are highly in demand.

“The attractions of this fund are clear. Morley has an excellent reputation as a property fund manager and the fund allows advisers and their clients to diversify into a portfolio of directly held European properties. Additionally, the fund offers an attractive alternative to UK commercial property funds at a time when advisers have been voicing concern at falling yields in the UK commercial property sector.

“James Hay remains committed to providing a whole of market proposition through our wrap platform to our intermediary partners.”