Paladin, Norwich partners
Paladin will be launching a number of property securities and syndication products 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 will probably 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 say the management style will remain the same.
An area which will be developed under the new partnership is Paladin's new infrastructure company, Leaver says.
"Now we have a multinational behind us, it will enable us to look at international property opportunities and South-East Asia in particular," he says.
Norwich is buying 50.1 per cent of Paladin immediately and will acquire the remaining share capital in 2004. Paladin has more than $1.8 billion under management 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 New South Wales.
As part of the deal, Paladin's managing director Greg Paramor will join the Norwich board, as will Portfolio Partners chairman Brian Healey.
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