NETHERLANDS/US – The Dutch metal and electronic industries’ pension fund, PMI-SVM has appointed State Street Global Advisors (SSgA) to manage two equity mandates with a combined value of €1.5bn.

The mandate awards are part of PMI-SVM’s decision to split the assets of its pension fund, primarily a defined benefit plan, into separate mandates this year.

The awards concern the US$1.1bn (€1.3bn) enhanced US equities portfolio and US$225m (€262m) enhanced global equities portfolio. The mandates will be managed from SSgA’s headquarters in Boston.

Says Roland van den Brink, managing director of PMI-SVM: “We believe that outsourcing these two mandates will benefit our participants. The combination of a sophisticated quantitative approach, strict risk control and SSgA’s implementation capabilities has resulted in a proven track record of consistent outperformance with a limited risk.”

SSgA is the investment management arm of Boston based State Street Corporation and has US$775bn (€901bn) under management.