Morley wins £300m bond mandate from National Grid

Article date: 28 July 2003

Morley Fund Management (Morley), one of the UK’s largestfund managers, has been appointed to run a £300m fixed incomepension fund mandate for the National Grid Company of theElectricity Supply Pension Scheme (ESPS).

The mandate is split between 50% index linked gilts, 17%conventional gilts and 33% corporate bonds. The lead fund manageris Trevor Welsh and the objective of the fund is to outperform thecomposite benchmark by 0.75% per annum over 3 year rollingperiods.

Since September 2000 Morley has also managed a £9m UK equitiesmandate on behalf of another ESPS Group, Edison.

Alistair Morrison, managing director, Institutional at MorleyFund Management said: "Winning this mandate is a great success forour fixed income team. We are looking forward to a long andsuccessful relationship with the National Grid Group Trustees andthe Electricity Supply Pension Scheme as a whole."

Ceris Williams, head of fixed income at Morley Fund Management,said: “Morley is a committed active manager in all key bondmarkets. With a team of 47 fixed income investment professionals webring significant breadth and depth of resource to the NationalGrid pension fund mandate.”

Chris Spencer, chairman of the Group Trustees' InvestmentCommittee, said: “We chose Morley because they demonstrated aproven ability in managing a diverse range of bondsectors.”


For further information please contact:
Fiona Baker, Head of Corporate Communications
020 7809 8617
Morley Fund Management

Notes to editors

Morley’s Fixed Income team

  • Morley has one of the largest and most experienced fixedincome teams in the UK, with a total of £53 billion of funds undermanagement (as at 31.03.03). The fixed income team employs 47investment professionals in London, Singapore and Boston,managing, amongst others, segregated and pooled pension funds aswell as a number of high profile retail funds.

Morley Fund Management

  • Morley Fund Management (‘Morley’) is anindependently managed, London based, asset management businesswith over £104 billion under management (as at 31.03.03). Itactively manages a diverse range of asset classes and employs over1000 personnel worldwide based in London, Singapore and anassociate office in Boston*.
  • Morley is a wholly owned subsidiary of the Aviva group andmanages both institutional and retail funds under the Morleybrand. It also acts as investment manager for a range of retailinvestment funds, marketed in the UK by Norwich Union, andinternational funds marketed under the Aviva Funds brand.


Fund Manager of the Year - Pensions Week Awards 2002
Specialist Manager of the Year - UK Pensions Awards 2002
Insurance Fund Manager of the Year (awarded to Norwich Union) -Standard and Poor’s 2002
Sustainable and Ethical Investment and Asset Management Award -Liveable City Awards 2002
Pensions Management Provider Awards 2002 – Commended for BestSRI Fund Manager and Best Fixed Income Fund Manager

*Morley Fund Management International Limited, an Avivacompany

  • Further information about Morley Fund Management can be foundat
  • Morley Fund Management is a business name of Morley FundManagement Limited, registered in England No 1151805. A member ofthe Norwich Union Marketing Group, members of which are authorisedand regulated in the UK by the Financial Services Authority forlife assurance, pensions and investments. Registered Office: No 1Poultry, London EC2R 8EJ. A member of the Investment ManagementAssociation.

    Morley Fund Management is also a business name of MorleyInvestment Services Limited and Morley Fund ManagementInternational Limited. All are Aviva companies.

    Contact us at Morley Fund Management, No 1 Poultry, LondonEC2R 8EJ.

    Telephone calls may be recorded for training and monitoringpurposes.

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