Paladin, Norwich partners
Paladin will be launching a number of property securities and syndication prod-ucts under its new partnership with Norwich Union.
Paladin will be launching a number of property securities and syndication prod-ucts under its new partnership with Norwich Union.
Norwich has acquired Paladin as part of its move to boost the funds management operations of the Australian life company and create a property team, something Norwich has been lacking in the past.
Paladin executive director Rod Leaver says property syndication products proba-bly will be the first products to be launched under the new partnership.
"We haven't created any new products as yet and it is very much business as usual," Leaver says. He says the management style will remain the same.
An area which will be developed under the new partnership is Paladin's new in-frastructure company.
"Now we have a multinational behind us, it will enable us to look at interna-tional property opportunities and South-East Asia in particular," Leaver says.
Norwich is buying 50.1 per cent of Paladin immediately and will acquire the re-maining share capital in 2004. Paladin has more than $1.8 billion under manage-ment and this has boosted Norwich's assets to $13.8 billion in Australia.
Paladin is to remain in Sydney and Norwich sees this as part of its growing push into NSW.
As part of the deal, Paladin's managing director Greg Paramor will join the Nor-wich board, as will Portfolio Partners chairman Brian Healey.
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