THE NETHERLANDS - The EUR13bn Dutch metal and engineering workers' pension fund, PMI, has tendered two US indexed mandates, jointly worth around EUR2bn.
The Amsterdam-based fund said that about 14% of the portfolio will be invested in equities (around EUR1.8bn) and 2% (EUR250m) will be allocated to bonds.
Earlier this year the scheme transferred EUR8bn of its assets from Dutch manager Achmea - which held PMI’s entire assets in global balanced mandate - to F&C Management UK, which will invest the monies in about 12 specialist portfolios. Both investment houses are owned by Dutch firm Eureko.
Achmea will retain its property mandate.
The fund aims to appoint by year end.
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