State Street Banque in Paris has won the latest mandate awarded by the Belgacom Pension Fund, Belgium’s largest funded pension scheme.

The mandate, for Bfr8.6bn ($236m), is to be managed passively on a balanced basis.

It is the second mandate to be won by State Street, which was awarded one of the eight balanced mandates in the original round of outsourcing of the Bfr55bn portfolio last year.

Belgacom’s chief investment officer William Van Impe says the new mandate comprises 70% bonds and 30% equities. Up to now we have always used the same benchmark, so 50% of the global is Belgian bonds and we use the Salomon Brothers Belgian bond index; 20% is in European bonds, excluding Belgian bonds, where we use the Salomon Brothers European Government Bond Index. On the equity side, 15% is the MSCI Belgian Equity and the last 15% is a tailormade benchmark of 19 OECD countries, where we take the MSCI indices of these countries.”

Altogether around 10 managers tendered for this mandate which was announced in March and conducted under the strict EU procurement rules. Van Impe adds that there is no set duration for the contract. “In our agreements with managers we do no not put in any set periods.”

State Street says it is particularly pleased to have won a second mandate from Belgacom.”