UK – The 600 million-pound (867 million-euro) Somerset County Council Pension has awarded a 100 million-pound (143 million-euro) UK fixed income mandate to F&C Management.

“The mandate will comprise gilts, index-linked bonds and corporate bonds,” F&C said in a statement.

The fund would be managed by Helen Roberts and Peter Harvey, F&C’s heads of UK fixed interest and corporate bonds.

"We are absolutely delighted with this appointment, and look forward to working with Somerset County Council,” said Patrick Johns, F&C’s joint head of institutional business. “This appointment reflects our growing reputation as a centre of excellence in fixed income asset management."

F&C, part of Dutch group Eureko, has around 89 billion euros in assets under management.

No one at the fund was immediately available for comment. The head of the scheme, treasury director Chris Bilsland, is on record as saying only bad pension funds follow consultants’ advice.

“I think it’s the sign of a poor pension fund if it has to follow a consultant’s advice slavishly. If you’ve got the time, which you should have, you shouldn’t need a consultant for asset allocation or manager selection,” Bilsland told a conference in the summer.

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