UK – Supermarket chain Somerfield’s £300m pension scheme has appointed Baring Asset Management as manager to a £60m UK fixed income portfolio.

The brief will be benchmarked against a composite of conventional and index-linked gilts.

The objective for the mandate is to outperform the benchmark by 0.75% per annum, with a discretion within its guidelines to invest in overseas and corporate bonds.

The Somerfield Pension Scheme was advised by consultants Bacon & Woodrow.