UK – PIMCO says it has won a 44 million-pound (62.8 million-euro) global bond mandate from the 600 million-pound Shropshire County Pension Fund.

Shropshire is bond specialist PIMCO’s first UK local authority client.

The asset manager, part of Allianz Dresdner Asset Management, quoted the municipality’s treasury and pensions manager Philip Guy as saying: "We selected PIMCO to manage our global bond mandate because of the experience and knowledge of their investment team, the consistency of their performance and the robustness of their risk management processes.”

Neither Guy nor anyone else at the fund was immediately available for direct comment.

"We are delighted to have been appointed by the Shropshire County Pension Fund, especially as Shropshire is our first UK local authority client,” said Paul Craven, PIMCO's head of UK institutional business development.

The mandate will be benchmarked against the Lehman Brothers Global Aggregate Index and hedged back into sterling.

The fund is advised by Frank Russell Co. PIMCO said its London office now manages more than 11 billion pounds of UK and continental European client assets