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Standard Life wins Cumbria Council mandate
11 December 2012
Standard Life will provide fixed income solution to Cumbria Council after winning a £130m mandate
Standard Life Investments
Standard Life Investments has been awarded a fixed income mandate from Cumbria County Council.
After a lengthy tender process, the £130m segregated mandate for sterling corporate bonds will be managed on a buy-and-maintain basis, the company said.
“We are delighted to be working with a new local authority client to help meet their funding needs. The investment solution we have put in place for Cumbria County Council draws on our focus on change philosophy and excellent track record in fixed income investment,” said head of multi-asset investing and fixed income, Euan Munro.
"Through concentrating on bottom-up stock selection, we hope to help the council meet its funding requirements," he added.
According to senior manager, technical finance at Cumbria County Council, Fiona Miller, Standard Life Investments took a solutions-based approach to the council's requirements.
She said: "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."