Vanguard Investments, the US asset manager, has won a €450m ($440m) index tracking mandate from PZH, a Dutch pension management firm created by six separate funds.

PZH, which has combined assets of over €3bn, has selected Vanguard for all of its passive assets, but only four of the funds have so far finalised the deals. The six funds represented are two construction companies, a clothes retailier, an engineering research firm, the dredging industry and the food production industry funds.