Aviva Life Insurance Company has awarded a $2bn (€1.8bn) fixed-income mandate to Standish Mellon Asset Management in a move that will come as a blow to Morley Fund Management.

Standish Mellon Asset Management, a subsidiary of Mellon Financial Corporation that specialises in managing fixed-income insurance assets, has been awarded the management mandate and will also oversee performance attribution and compliance for an extra $2bn that is being run by three other firms.