IRELAND - Morgan Stanley Investment Management has won a e250m European fixed income mandate from the Guinness Ireland Group Pension Scheme in a move advised by Watson Wyatt.
The mandate will be split 50:50 between government and corporate bonds and will be managed to a benchmark of 50% Merrill Lynch over 10 year Euro Government and 50% Merrill Lynch over 5 year Euro non-Sovereign.
An initial funding of e110m will be from an existing fixed income portfolio held by Bank of Ireland Asset Management, with the balance of e140m being switched over time from the scheme’s equity holdings.
Commenting on the mandate, Jim McLoughlin, company secretary for Diageo Ireland and secretary to the trustees of the Guinness Ireland Group pension scheme, said: “We undertook a thorough selection process before selecting Morgan Stanley Investment Management as the manager for this mandate.
“We were impressed both by their strong track record in this area and by the disciplined, clear investment process.”
Ian Martin, executive director and head of institutional sales for the UK and Ireland with Morgan Stanley, said: “This win marks another important step in our progress to growing our European institutional business, and is a clear vote of confidence in our fixed income capabilities.”
MSIM manages assets in excess of US$400bn and offers wealth management services to a diverse client base which includes governments, corporations, and individuals.
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