Foreign & Colonial and Mercury Asset Management have been appointed by the £740m Tate & Lyle pension fund to manage £280m in bonds.

F&C, which secures a £170m mandate from the UK fund, has been roaring ahead this year. This latest appointment, which comes hot on the heels of a £400m fixed income mandate from the giant UK scheme run by Railpen, brings F&C's new business wins to £1bn (€1.6bn) this year.