UK- Nationwide Investment Group has appointed Morley Fund Management to run a £200m (e320m) balanced mandate, replacing previous manager Schroders.

Says Mark Jenkins, managing director at Nationwide investment Group: “We chose Morley because of their strength in asset allocation and the global reach of their fund management team. “

Morley's strategy and economics team will decide the top-down asset allocation based on a model portfolio which is generally split: 50% UK equities, 35% overseas equities and 15% fixed interest. On a bottom-up level, Morley's offices in London and overseas provide local expertise to identify the right stock-picking opportunities. The investment process is overseen by Gerald Holtham, chief investment officer.

Morley’s joins a roster of four other managers responsible for managing Nationwide’s range of unit trusts.