Morley Fund Management appointed to £200m bond mandate by T&N Retirement Benefits Scheme (1989)

Article date: 23 August 2001

Morley Fund Management ("Morley") has been appointed to manage a£200m bond mandate from T&N the major UK subsidiary ofFederal-Mogul Corporation. The mandate, which will be managed byKevin Lorkins (Head of Gilts) covers gilts, non-government stocksand index-linked bonds and will also permit exposure to overseasbonds. The Account Director will be Ian Williams, Head of UKInstitutional Sales.

The objective for the mandate is to achieve a return of 0.75%per annum above the composite benchmark return over rolling threeyear periods within defined risk tolerances.

Commenting on the mandate win Ian Williams, Head of UKInstitutional Sales, said: "We are delighted to have won thismandate against stiff competition. Morley has a strong track recordin managing fixed income portfolios and we look forward toestablishing a close and successful relationship with the T&NTrustees."

Commenting on the appointment, Nigel Casson from T&N said:"We chose Morley to run this mandate because of their considerableexperience in managing fixed interest portfolios. We wereparticularly impressed with the performance of the credit and giltelements of the fixed income team and look forward to working withthem."

Kevin Lorkins, Head of Gilts at Morley, added: "The scope ofthis mandate gives me a superb opportunity to use the skills of ourstrong 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

Notes to Editors
The fixed income team at Morley has in excess of £37bn undermanagement 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 £106 billion under management. Ithas investment management operations in London, Boston, Tokyo andSingapore.

Morley is a wholly owned subsidiary of the CGNU Group andmanages institutional 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.

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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