NETHERLANDS - Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering scheme, has awarded a passive commodities mandate to Western Asset Management.

Horeca said the brief, which will grow towards €100m in two years time, follows a fixed income mandate with Western that is performing “very well”.

Horeca said: “Western Asset Management impressed the board with their performance track record, clear investment strategy and low fees.”

The Zoetermeer-based fund said the agreement was part of a continuous drive to improve the efficiency and effectiveness of its fund’s asset management.

Last month the fund two €50m private equity mandates to Goldman Sachs Private Equity Group and HarbourVest Partners.

The moves are part of an increasing diversification strategy, which saw the fund award its first private equity mandate to AlpInvest worth €100m at the start of 2004.