Standard Life Investments has been awarded a fixed income mandate from Cumbria County Council.
The £130 million (€161.5 million) segregated mandate for sterling corporate bonds will be managed on a buy and maintain basis.
Euan Munro, head of multi-asset investing and fixed income, says the investment solution put in place for Cumbria County Council will hopefully help to meet the council’s funding requirements.
Fiona Miller, senior manager, technical finance, at Cumbria County Council, says: “We are confident that the move from passive management to a buy and maintain mandate will help us achieve attractive value credit spreads while minimising the risk of downgrades, defaults and credit rating risk.”
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