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Belgacom tender offer

Belgium's biggest funded scheme, the Bfr65bn($1.86bn) Belgacom Pension Fund has announced the launch of a tender offer for the next round of outsourcing for asset management.

The amount up for award is a single tranche of approximately BFr8bn. The money comes from the latest funds received from the Belgian government comprising Bfr15bn, of which Bfr7bn was for payment of pensions.

The mandate this time is for a passively managed fund on a multi-asset/balanced basis. Last year, the fund awarded mandates for Bfr55bn divided equally among eight asset managers, to be managed according to a set of benchmarks. No benchmarks are stipulated for this round, nor is there a duration set for the contract.

As with last year's offer, it is being carried out under strict EU tendering procedures, with a tight time-table for submission. The deadline for the first selection phase is April 16 and the award is being made by May 15. Existing managers can apply for this mandate.

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