Morley Fund Management has been appointed to manage a £1bn bond portfolio for Marconi plc's UK pension plan.
The portfolio will be managed by Morley gilt head, Kevin Lorkins, who will by assisted by Paul Mingay, head of credit.
The £2.85bn pension plan’s bond exposure was previously managed in-house and Morley was appointed with immediate effect following a selection exercise. The mandate is currently benchmarked, 50% gilts and 50% UK index-linked gilts, but this is likely to be reviewed by the plan’s trustees and their advisors, Watson Wyatt, in conjunction with Morley.
Commenting on the appointment of Morley, Kevin O’Boyle, Marconi’s group benefits director, said: “Our internal manager had done an excellent job with this portfolio but we now look forward to working with Morley’s successful and well-resourced team. I am confident we can make good use of their gilt and credit expertise to the benefit of our plan members”.
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