Metalektro, the Dutch metal industry pension fund formerly known as PME, has appointed Pimco, the world's largest bond manager to a €500m ($599.8m) short-term bond mandate in its latest outsourcing deal.

Under the leadership of Roland van den Brink the €14bn fund has diversifed assets and selected several external managers. Until 2001 it was all managed by Achmea, now part of F&C Management. F&C still manages a large proportion of the funds assets.