FRANCE – The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, has allocated its final 1.88 billion euros in assets to managers in four lots.
“The FRR Executive Board, after conducting an analysis of each proposal received last February for lots 6, 7, 8 and 9, and having taken into consideration the opinion issued by the FRR's Manager Selection Committee, announces today its decision to retain 10 proposals submitted by investment management firms for these four lots,” the fund said in a statement.
“Together, these mandates represent an indicative amount of 1.88 billion euros, out of a total allocation of around 16 billion euros.”
Lot 6: Large-cap active US value equities. Indicative size: 460 million euros for four years.
- Deutsche Asset Management
Standby mandate: Robeco
Lot 7: Large-cap active US growth equities. Indicative size: 460 million euros for four years.
- AGF Asset Management
Standby mandate: Goldman Sachs Asset Management
Lot 8: Pan-European active equities excluding Eurozone. Indicative mandate size: 240 million euros for four years.
- AXA Investment Managers Paris
- Schroders Investment Management Ltd
Standby mandate: Invesco Gestion
Lot 9: Pacific including-Japan active equities (excluding emerging countries). Indicative mandate size: 240 million euros for four years.
- Capital International Ltd
- Morgan Stanley Investment Management
Standby mandate: Nomura Asset Management
The fund said: “This third step marks the end of the request for proposals process initiated by the FRR in late July of 2003. It brings to 38 the number of managers selected by the FRR to manage an indicative amount of 16 billion euros.”
“The FRR is delighted with the outcome of this process, and was impressed with the high quality of the proposals submitted from a broad range of European and international asset managers.”