FRANCE – The €800m caisse de retraite and prévoyance group, Groupe Dumas (Dumas), the French lorry drivers retirement savings and benefits management company, is tendering €600m to be split between six asset managers in euro-zone equities and fixed income portfolios.

The current manager for the tendered assets is AXA Investment Managers, but a spokesman for Dumas says that the change of manager is not because Dumas is dissatisfied with AXA’s performance but simply the result of a change of financial policy.

“We are not unhappy with AXA in any way, but the change of strategy means we are taking a different approach to the way our assets are invested. Axa may, of course, take part in the selection process,” he comments. AXA was unavailable for comment.

Dumas will most likely draw up a shortlist of 10-12 management companies and the group expects to make the appointments by the end of March. The mandates will run for between three and five years.

Paris-based consultancy firm Fixage is overseeing the process. The remaining €200m is held in reserves and Dumas has not decided how or when these will be tendered for management.

Dumas covers all aspects of retirement provision, savings and healthcare benefits for its members and their dependents. It is made up of a collection of caisses de retraite and prévoyance companies, of which the largest and most dominant is Carcept.