Three top property executives have quit Morley Fund Management to work for rival AEGON Asset Management.

The trio, who announced their resignations late on Friday, includes Gerardine Davies, manager of the £4.2bn Norwich Property Trust, one of the UK’s biggest property trusts.

Philip Clarke, who oversaw the managers of Morley’s £10.5bn specialist property funds, and David Wise, who managed the £200m Norwich Property Investment Fund, have also left.

The three will be responsible for the £2bn AEGON Scottish Equitable Property Fund, the management of which will be brought in-house.

They will also be tasked with attracting new investors and developing new products for AEGON.

Chris Laxton, who created the Norwich Property Trust in 1991, will take over the running of that fund and the Norwich Property Investment Fund as an interim measure, with David Dimer acting as assistant fund manager.