UK - Morley Fund Management has won a £200m bond mandate from T&N - the major UK subsidiary of car component giant Federal-Mogul Corporation.
The mandate will cover gilts, non-government stocks and index-linked bonds further and will also allow exposure to overseas bonds.
The objective for the mandate is to achieve a return of 0.75pc per annum above the composite benchmark return over a rolling three year period. Morley Fund Management head of UK institutional sales Ian Williams said: “We are delighted to have won this mandate against stiff competition. Morley has a strong track record in managing fixed income portfolios and we look forward to establishing a close and successful relationship with the T&N trustees.”
T&N said Morley was chosen because of its experience in managing fixed income portfolios.
In June Morley won a £1bn bond mandate from the Marconi Pension Scheme.
T&N Nigel Casson said: “We were particularly impressed with the performance of the credit and gilt elements of the fixed income team.”
Morley Fund Management head of gilts Kevin Lorkins said: “The scope of the mandate gives me a superb opportunity to use the skills of our strong credit team alongside our gilt expertise.”
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