The £250m (€355m) London Borough of Havering has awarded Citigroup Asset Management a £25m high-yield bond mandate. It is believed to be the first time a UK local authority pension scheme has invested in the asset class.

Royal London Asset Management has also won a mandate for investment-grade bonds, gilts and index-linked gilts worth £75m, while UBS Global Asset Management was chosen for a property mandate worth £25m.