The €110m ($100m) Province of East Flanders pension fund, based in Belgium, has awarded a €28m active mandate to the strategic alliance of Singer & Friedlander and Bank Corluy.

The mandate is the first win for the Singer & Friedlander and Bank Corluy alliance, which was established last year. The scheme was previously managed by entirely by Dexia Asset Management. The directors decided to split the management four ways, with Dexia retaining €28m through its subsidiary Cordius. KBC Asset Management and Vanguard have also won €28m, with Vanguard becoming the scheme's only passive manager. Each mandate has the same asset split of one-third equities, two-thirds bonds.