Stichting Pensioenfonds TNO, Rijswijk, Netherlands, hired BlackRock as fiduciary manager for its fixed-income portfolio, according to a statement from BlackRock. The manager will also be responsible for interest-rate and inflation matching, currency hedging and global tactical asset allocation overlay for the €2 billion ($2.7 billion) pension plan, said Andre van den Heuvel, head of institutional sales-Benelux at BlackRock. TNO executives will continue to hire and monitor managers for its equity and alternative investment portfolios, and BlackRock will assist pension fund staff in the risk reporting process for the external money managers. According to TNOs 2006 annual report, 35.2% of plan assets were invested in fixed income as of Dec. 31. TNO executives could not be reached for comment by press time.