UK – Edinburgh based Scottish Widows Investment Partnership (SWIP) has won the mandate to run £17m (€28m) active bond and cash portfolio for UK Coal Mining Ltd.

The portfolio will be invested in money market instruments, gilts and eurobonds, with returns being monitored on a three year rolling basis, net of fees.

The appointment comes at a time when SWIP is actively targeting the UK bond and cash markets for institutional funds.
Says Mel Garness, commercial director at UK Coal: “We chose SWIP for their considerable experience of managing cash portfolios and they put together a package that was flexible for our needs, designing a risk profile which will achieve our core objective of reserving capital.”