Pimco Global Advisors (Europe) has scooped a $175m (Ecu207m) active global bond portfolio from Baden- based Swiss engineering firm Asea Brown Boveri (AST ABB).

The brief is the first of its kind awarded by the fund, and the fifth mandate picked up by Pimco since the opening of its new London office in the spring.

According to Christoph Schenk, president of AST ABB, it was 'love at first sight' for the fund when presented with Pimco's quant style active management.

As an engineering firm we are extremely methodical in our business approach, and generally don't like actively managed portfolios. However, after research we felt there was a great possibility of adding value by actively managing global bonds and the we fell in love with the Pimco quant-driven system."

The bond fund represents around 5% of ABB's pension assets, which are managed through a core foundation and five further supplementary funds.

Joseph McDevitt, executive vice-president at Pimco Global Advisors (Europe), adds: "We are obviously delighted to have been selected by one of Europe's most highly regarded company's to manage this portfolio. And I believe the appointment is indicative of a building trend in Europe towards the outsourcing of specialist mandates on the continent.""