The E16bn French Reserve Fund, Fonds de Reserve pour les Retraites, has concluded its second round of appointments, naming 12 managers to run E4.12bn.
“The FFR Executive Board, after conducting an analysis of each proposal received last February and having taken into consideration the opinion issued by the FFR’s Selection Committee, announces today its decision to retain 12 proposals,” the fund says.
The move follows the fund’s assignment of its first E10bn of assets in April this year.
The managers cover four areas of investment: Euro-zone large-cap equities, US mid-cap equities, international inflation-indexed bonds and international bonds (non-euro denominated) government and non- government issuers.
All the briefs, except the international inflation-indexed bonds, are to be actively managed (see panel)
The FFR says the number of external managers has gone up to 28 with total assets of E14.12bn now assigned to managers.
The selection of the nine managers to run the remaining E1.8bn was “currently under way and should be complete by the end of this month”.
The fund is also looking for a specialised company to monitor the cost effectiveness of asset managers, transaction brokers and overlay managers.