UK – ISIS Asset Management has been appointed to manage a 125 million pound (178 million euro) bond mandate for the Welsh county of Rhondda Cynon Taf pension fund.

The 675 million pound (959 million euro) scheme tendered for the mandate following a review which suggested that a separate bond portfolio should be created. The mandate is for UK and global bonds with a 76% All Stocks Index/24% JPMorgan World ex UK and Japan benchmark.

Richard Stevens, director of government bonds at ISIS will be responsible for the mandate. Commenting on the running of the portfolio, Stevens said: “The strategy allows me to retain enough autonomy to be able to move into index-linked or corporate bond issues should I judge the risk return profile to be justified.”

ISIS was selected from four final candidates. Keith Griffith, group director of corporate services at the scheme said: “We selected ISIS because they have provided us with the required confidence that their team can meet the targets we have set for them.”

ISIS was also recently appointed as manager for a bond portfolio for the London Borough of Hackney pension fund.

ISIS Asset Management has over 58 billion pounds (82 billion euros) in assets under management.