Global investment manager Standard Life Investments announced that it has been awarded a new fixed income mandate.

The mandate is awarded by Cumbria County Council and follows a lengthy tender process.

The £130m segregated mandate for sterling corporate bonds will be managed on a buy and maintain basis.

Commenting on the mandate win, Euan Munro, head of multi-asset investing and fixed income, 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. Through concentrating on bottom up stock selection, we hope to help the Council meet its funding requirements."

Fiona Miller, senior manager – technical finance at Cumbria County Counci said: "It was important for us to choose a fixed income manager that understood the funding issues currently faced by local authorities. Standard Life Investments took a solutions based approached to our requirements. 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."

First published 10.12.2012

azeevalkink@wilmington.co.uk