UK – Baring Asset Management (BAM) has won an £80m (€129m) fixed income mandate from the Pirelli Common Investment Fund (PCIF), the UK the Italian tyre and cable company’s UK pensions arm.

The fund was advised in the selection process by consultants, William M. Mercer
Dresdner RCM Global Investors was also recently selected by PCIF to run a £64m global equity mandate.

The new mandate has a brief to outperform a benchmark based on gilts and corporate bonds.

Says Andrew McTaggart, trustee of the PCIF: “We went through an extensive selection process and decided to appoint Baring because of its investment process and fixed income capabilities.”