BELGIUM - The EUR100m East Flanders pension fund has hired four asset managers to run its entire fund.
The Gent-based regional authority fund has awarded Cordius Asset Management, Vanguard, KBC Asset Management and Bank Corluy mandates worth EUR25m each. Ronny Coopman, director of personnel at East Flanders, said that Corluy will be running its mandate in association with its alliance partner, Singer & Friedlander Investment Management.
Coopman said that, with the new managers in place, the fund's asset allocation will be set at two thirds fixed income and the remaining third in equities. He also said that the fund will meet with the selected managers next week to assign asset classes and investment styles.
The new hires replace Dexia Asset Management, which used to run the entire fund. No consultants were used.
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