Cheshire County Council awards £127m fixed income mandate to GSAM

The Cheshire County Council Superannuation Fund mandate will be invested in a GSAM pooled bond vehicle which invests in investment grade and non-government securities.

Cheshire County Council county finance officer Bill Tunnicliffe said: "The award followed a review of the structure of the fixed income component of our pension fund’s portfolio as part of a wider continual process of reviewing its investment strategy."

GSAM head of UK and Irish institutional business Paul Craven said: "We are thrilled to have been awarded this mandate and look forward to building a successful relationship with Cheshire County Council. It reinforces our commitment to the local authority market, where we manage a range of strategies across the full spectrum of asset classes for over 20 councils."

Henderson Global Investors was also awarded a £130m fixed income brief as part of the review.