NETHERLANDS - PIMCO says it has been awarded a more than €300m liability driven bond brief by Grontmij Pensioenfonds.

The fixed income specialist said the mandate will be managed against a customized benchmark and will seek excess returns of 1.5% relative to the benchmark.

Grontmij and its consultant Watson Wyatt worked with PIMCO to define the benchmark based on Grontmij's liability cash flow profile.

"We are delighted to be working with Grontmij Pensioenfonds,” said PIMCO’s Benelux business development head Marc van Heel.

“This mandate win further reinforces our total commitment to the Dutch institutional market and our growing portfolio of Euro LDI mandates."

Grontmij is a real estate and building consultant.