The €3bn ($3.4bn) pension fund of Belgacom, the Belgian telcoms firm, has appointed Invesco, MFS International, Alliance Capital Management and Morgan Stanley Investment Management to manage international equities.

The tender was open to existing investment firms, including Putnam Investments and Wellington Investment, the fund's specialist global equity managers, but it is not clear if they retained any assets. The tender was open to new managers who had at least €25bn in assets under management.