Tate & Lyle Group PLC Pension Scheme, Bromley, England, hired Foreign & Colonial Management and Mercury Asset Management to run two new fixed-income portfolios in U.K. index-linked and corporate bonds.
Foreign & Colonial will manage a £170 million ($257 million) mandate, and Mercury will run £110 million. Each portfolio will have similar weightings, but Mercury also can invest in corporate debt, said Steve Amor, group pensions manager for the £740 million plan.
Fund trustees created the portfolios after deciding to liquidate a £280 million holding in U.K. long-dated index-linked gilts. ‘‘We felt we could add more value with a broader based portfolio,’’ said Mr. Amor.
