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NU plans Euro property fund

Norwich Union is the latest fund manager to move into the European commercial prop-erty fund sector.

The Luxemburg-domic- iled fund is expected to be launched this quarter, subject to regulatory approval.

Although a lead manager for the fund has not yet been named, it is understood that the portfolio will be run along similar lines to the group’s UK property fund, which is managed by Geraldine Davies.

NU is the latest fund firm to look at overseas property retail launches. Last month, M&G revealed that it is launching a European commercial prop-erty fund through its sister firm Prudential Property Investment Managers.

A spokesman for NU says: “We are in the final stages of developing the fund and have gained approval from the Luxemburg regulator. We are waiting for approval from the FSA.”

Chelsea Financial Services managing director Darius McDermott says: “The fund would be a logical extension for a group like NU.

“My only concern would be that there are a large number of property funds being launched at present.”

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