Pension fund investors around the world leapt at the chance to buy cut-price company bonds last year, creating a bumper year for fixed-income fund managers, according to the investment advisers Mercer.

The consulting firm, which advises pension schemes on what to do with their money, said it had undertaken 92 searches for fixed-income managers in 2009, accounting for about $20.3bn (€15.3bn) of its clients' money. That was up from 25 searches in 2008, worth $8.9bn.