PGGM, Zeist, Netherlands, hired Aegon to manage 1 billion euros ($1.21 billion) in European state debt. Officials for the 54 billion euro pension fund wanted more diversification and more external management, said Ellen Habermehl, spokeswoman. Fund officials didn't use a consultant. With the reallocation, about 20% of the plan's 19.98 billion euro bond allocation is outsourced, up from15%. Ms. Habermehl declined to identify the plan's other external managers.