Morley appointed to manage £1bn bond portfolio for Marconi plc

Article date: 18 June 2001

Morley Fund Management ("Morley") has been appointed to manage a£1bn bond portfolio for Marconi plc on behalf of their UK PensionPlan. The portfolio will be managed by Kevin Lorkins, Head ofGilts, with assistance in terms of credit exposure from PaulMingay, Head of Credit and his team. The Account Director for thismandate will be Ian Williams, Head of UK Institutional Sales.

The Plan's bond exposure was previously managed in-house andMorley was appointed with immediate effect following a competitiveselection exercise. The mandate is currently benchmarked, 50% giltsand 50% UK index-linked gilts, but this is likely to be reviewed bythe Trustees and their advisers, Watson Wyatt, in conjunction withMorley.

Commenting on their appointment to the fund, Ian Williamssaid:
"We are honoured to be working for such a prestigious and dynamicUK company. We look forward to a long and successful workingrelationship based on our proven track record in managing funds ofsimilar size and profile and the huge level of practical experiencein this team"

Kevin Lorkins added:
" I will draw on our significant credit management resources inaddition to my own gilt background and relish this opportunity towork with an experienced and informed group of Trustees."

Commenting on the appointment of Morley, Kevin O'Boyle GroupBenefits Director at Marconi said:
"Our internal managerhad done an excellent job with this portfolio but we now lookforward to working with Morley's successful and well-resourcedteam. I am confident we can make good use of their gilt and creditexpertise to the benefit of our plan members".

The Trustees were advised in this selection exercise by WatsonWyatt Worldwide.

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For further information please contact:

Vicki Rhind/Mark Miller

020 7809 6128
Kevin Lorkins020 7809 6166
Ian Williams020 7809 6707
Penrose Financial 
Gay Collins/Caroline Deutsch
020 7786 4888

Notes to Editors

The fixed income team at Morley has in excess of £36bn (now£37bn) under management and employs a total of 31 investmentprofessionals. (Source: MFM as at 31.12.00)

Morley Fund Management

Morley Fund Management is an independently managed, Londonbased, asset management business with £106 billion undermanagement. It has investment professionals based in Boston, Tokyo,Singapore and an associate office in Dublin.

Morley is a wholly owned subsidiary of CGNU plc and managesinstitutional funds under the Morley brand. It also acts asinvestment manager for a range of retail investment funds, marketedunder the Norwich Union brand.

CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK's largest insurance group and one of the top-fiveinsurers in Europe with substantial positions in other marketsaround the world, making it the world's sixth largest insurer basedon gross worldwide premiums.

Marconi plc

Marconi plc is a global communications and IT company witharound 55,000 employees world-wide. Marconi has research anddevelopment facilities in 19 countries, manufacturing operations in16 countries, and serves customers in over 100 countries. Itsupplies advanced communications solutions for Networks, Wirelessand Enterprise customers, globally. Marconi plc is listed on theLondon Stock Exchange and Nasdaq under the symbol MONI.

Additional information about Marconi can be found at

Issued by Morley Fund Management.

Morley Fund Management is a business name of Morley FundManagement Limited (incorporated in England with Registered No.1151805 and Registered Office 1 Poultry London EC2R 8EJ) andNorwich Union Investment Management Limited (incorporated inEngland with Registered No. 2152949 and Registered Office 8 SurreyStreet Norwich NR1 3NG) both regulated by IMRO and members of theCGNU Group

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