UK – Horsham District Council has awarded INVESCO Asset Management a £20m (e31.3m) sterling cash mandate.
Invesco’s brief is to provide returns above the 7-day LIBID rate.
“ INVESCO is able to bring a strong process, devoted to the management of cash and short bond portfolios to help manage these assets for the council.
“ We have been able to achieve similar performance objectives for other UK local authorities and are confident this success can be translated for Horsham,” says Jeff Attfield, client relations director at INVESCO Asset Management.
Consultant Butlers advised Horsham on its decision.
INVESCO currently manages cash mandates worth over £1.2bn for institutional clients.