The Brussels-based €200m ($243m) Pensioenfonds Metaal, the Belgian metalworkers pension scheme, is to shift from balanced to specialist investments in a shake up which could see asset managers AXA, Dexia, KBC and Nagelmackers lose flagship mandates.

The fund, one of Europe's fastest-growing pension schemes, is already studying proposals from specialist managers for an €90m passive euro government bond mandate - its only passive investment.