Morley Fund Management ("Morley") has been appointed to manage a £200m bond mandate from T&N the major UK subsidiary of Federal-Mogul Corporation. The mandate, which will be managed by Kevin Lorkins (Head of Gilts) covers gilts, non-government stocks and index- linked bonds and will also permit exposure to overseas bonds. The Account Director will be Ian Williams, Head of UK Institutional Sales.
Morley Fund Management ("Morley") has been appointed to manage a Ł200m bond mandate from T&N the major UK subsidiary of Federal-Mogul Corporation. The mandate, which will be managed by Kevin Lorkins (Head of Gilts) covers gilts, non-government stocks and index-linked bonds and will also permit exposure to overseas bonds. The Account Director will be Ian Williams, Head of UK Institutional Sales.
The objective for the mandate is to achieve a return of 0.75% per annum above the composite benchmark return over rolling three year periods within defined risk tolerances.
Commenting on the mandate win Ian Williams, Head of UK Institutional Sales, said: "We are delighted to have won this mandate against stiff competition. Morley has a strong track record in managing fixed income portfolios and we look forward to establishing a close and successful relationship with the T&N Trustees."
Commenting on the appointment, Nigel Casson from T&N said: "We chose Morley to run this mandate because of their considerable experience in managing fixed interest portfolios. We were particularly impressed with the performance of the credit and gilt elements of the fixed income team and look forward to working with them."
Kevin Lorkins, Head of Gilts at Morley, added: "The scope of this mandate gives me a superb opportunity to use the skills of our strong credit team alongside our gilt expertise."
The Trustees were advised by Watson Wyatt Worldwide.
For further information please contact:
Vicki Rhind 020 7809 6128
Ian Williams 020 7809 6707
Penrose Financial
Gay Collins/Caroline Deutsch
020 7786 4888
gayc@penrose.co.uk
carolined@penrose.co.uk
Notes to Editors
The fixed income team at Morley has in excess of Ł37bn under management and employs a total of 37 investment professionals. (Source: MFM as at 31.03.01)
Morley Fund Management
Morley Fund Management is an independently managed, London based, asset management business with Ł106 billion under management. It has investment management operations in London, Boston, Tokyo and Singapore.
Morley is a wholly owned subsidiary of the CGNU Group and manages institutional funds under the Morley brand. It also acts as investment manager for a range of retail investment funds, marketed under the Norwich Union brand.
CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
Issued by Morley Fund Management.
Morley Fund Management is a business name of Morley Fund Management Limited (incorporated in England with Registered No. 1151805 and Registered Office 1 Poultry London EC2R 8EJ) and Norwich Union Investment Management Limited (incorporated in England with Registered No. 2152949 and Registered Office 8 Surrey Street Norwich NR1 3NG) both regulated by IMRO and members of the CGNU Group