UK - National Grid - a £1.2bn part of the Electricity Supply Pension Scheme - has appointed Morley Fund Management to run a £300m fixed income mandate.
The mandate is split between 50% index-linked gilts, 17% conventional gilts and 33% corporate bonds.
The lead fund manager is Trevor Welsh and the aim is to outperform the composite benchmark by 0.75% per annum over three-year rolling periods.
Morley’s institutional managing director Alistair Morrison said: “Winning this mandate is a great success for our fixed income team.
“We are looking forward to a long and successful relationship with the National Grid Group Trustees and the Electricity Supply Pension Scheme as a whole.”
National Grid trustees said they chose Morley because it had demonstrated a proven ability in managing a diverse range of bond sectors.
It has managed a £9m UK equities mandate on behalf of another ESPS Group, Edison, since September 2000.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.