T-Plus is being set up with Cazenove and DTZ, who have skills in the listed securities and property brokerage markets respectively. The vehicle will focus initially on the Mall Fund, but will be rolled-out to all Morley's UK and European sector-focused and specialist funds over coming months. Gross assets for these funds currently total euro 13.33 billion (US 17.12 billion).

T-Plus is designed to increase transaction speed and liquidity significantly for investors. A trade that would normally take a number of weeks could be reduced to as short as 10 days. Morley expects that annual turnover through the system will reach 10% to 15% of unit holdings. Non-Morley funds could be dealt with through the system, and Morley is in discussions with other investment managers to facilitate this.

"T-Plus is a welcome new development in the property investment industry," says Philip Clark, head of specialist property funds at Morley, "enabling secondary trading in what for many had seemed an illiquid market. Morley manages sixteen UK and European specialist property funds, and this initiative is a direct response to the investor demand we've seen."