NETHERLANDS – The €12.5bn Dutch metal and electronic industries’ pension fund, PMI-SVM has awarded two mandates totalling €1bn to Merrill Lynch and Vanguard.

Specifically, Merrill Lynch has been awarded a €400m North American equity portfolio whilst Vanguard will manage two fixed income portfolios with a combined value of €400m. One portfolio will consist of US government bonds and the other will be made up of euro-zone bonds.

The appointments complement the equity mandates awarded earlier this week to State Street Global Advisors (SSgA), which have a combined value of €1.5bn.

The mandates were awarded following a review that decided the fund needed to have these particular portfolios index-tracked. The previous manager was F&C.