A Dutch pension fund running €186.6 billion ($204 billion) is to cease investing in outside money managers, including private equity firms, that do not fully disclose their fees, a move that echoes concerns raised by a host of US investors.

In a document seen by The Wall Street Journal, Dutch fund PGGM sets out for the first time what it deems to be acceptable compensation for money managers. It is worried that the pensions of its clients - social workers and nurses - are being undermined by high fees.