** Old Mutual Global Investors' Simon Murphy gettingexposure to telcos, which should benefit from changes toregulatory framework, through Vodafone
** Key problem in EU mobile telcos has been competition lawsenabling c.3-4 operators in region's markets in bid to increaseprice competition & secure lowest price for consumer - this hashit cos' ability to invest into networks
** Regulators have newfound openness to M&A (step-up ininvestments into faster networks could help revive economy),which should help sector turn corner after yrs of decliningrevenues
** Says VOD's massive "Project Spring" upgrade to third &fourth generation mobile networks will lead to a differentiatednetwork vs competitors & better returns
** Also holds BT & Inmarsat
** BT, a "steady story"; pricing environment in UK telecomssector quite benign
** Says while satellite co Inmarsat has performed strongly(up c.19 pct YTD) & on c.35x 1yr fwd PE, growth potential whenfinal GX satellite goes up "absolutely phenomenal"
** When GX up, co will have "massive competitive advantage"for high frequency data driven demand e.g. ships, govts; peersheavily indebted & can't afford capex to put up constellations
** "Really big kicker" over next yrs will be use of phonesin-flight on commercial airlines, PM says
** Murphy manages Old Mutual UK Equity Fund & Old Mutual UKOpportunities Fund; stocks held in both funds (RM: tricia.wright1.thomsonreuters.com@reuters.net)