PGGM, Zeist, Netherlands, is considering hiring external managers to...

PGGM, Zeist, Netherlands, is considering hiring external managers to increase its exposure to international government and corporate bonds, said Niels Kortleve, co-head of investment strategy for the health-care workers’ pension fund. The 45 billion euro ($47.2 billion) fund recently received board approval to broaden the scope of its 13.5 billion euro European fixed-income portfolio, which is 60% government bonds and 40% investment-grade credits, including corporate bonds and private placements. The fund will decide over the next few months which assets will go to external managers, but Mr. Kortleve said he would prefer managing international government bonds in-house.