Amonis, the $1.3bn (€1bn) Belgian pension scheme for doctors, dentists and pharmacists, has appointed Key Asset Management to run its first hedge fund investment.

Key, a London firm with $1.3bn under management, will run a $44m fund of hedge fund portfolio for Amonis. The mandate has a target return of 3-month US dollar Libor plus 5% with a maximum volatility of 7%.