FRANCE - The €4.8bn French public service additional pension scheme ERAFP is looking to hire a new investment consultant in its push for greater diversification.

The fund has recently decided to diversify its portfolio by increasing its equity allocation from 15% to 25%, mainly through international equities investments, and by investing up to 20% in euro-denominated credit.

However, in order to find the right investment managers, the fund first seeks an investment consultant.

Jean-Louis Nakamura, the fund's director who was appointed last August, told IPE today: "The first step of this process consists of hiring an investment consultant that will support Erafp's next external asset managers Request For Proposals (RFPs)."

According to the fund, the consultant will be in charge of the preparation and the management of both euro-denominated credit and international equities call for tenders.

Nakamura added in parallel to the current changes "the ministry of finance will be asked to review the regulation that currently prevents Erafp from investing more than 25% in assets other than bonds and from entering into alternative investments".