Another one

Investec Asset Management has been appointed to manage £90m (approximately R1.01bn) of UK fixed income assets for the States of Guernsey.

The mandate from the States of Guernsey Contingency Reserve Fund follows a number of recent wins for Investec Asset Management's fixed income team, totalling more than £570million (R6.38 bn) in new wins since April this year.

These include a £140 million mandate from the pension scheme of the Polestar Group, a £160 million win from another government agency and £180 million from other institutions.

Said Hendrik du Toit, CEO of Investec Asset Management, the brief is to outperform the benchmark, which is 90% JP Morgan UK 1-10 Year Government Bond Index and 10% Salomon Brothers UK Sterling 3 Month Deposit Index.

The team has also gained recognition in the industry with a nomination by Global Pensions for Fixed Income Manager 2004 and a commendation from Pensions Management for UK Fixed Income 2004.