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Impact Investing

IPE special report May 2018


French reserve fund FRR loses another executive

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  • French reserve fund FRR loses another executive

FRANCE – Jean-Philippe Olivier has left his role as head of the delegated department at France's €36.6bn Fonds de Réserve pour les Retraites (FRR) at the end of last month, which follows the departure of the fund's CIO last year.

Olivier started in his new role as CIO at COFACE, a company providing credit insurance contracts, at the beginning of May.

At COFACE, he will be responsible for investment management strategies taken internally with the board of directors and externally with the asset management community.

Olivier started at FRR in 2006 as investment director in charge of equities before being promoted as head of the delegated department in 2010, responsible for managing and monitoring public and private equities.

He was also in charge of selecting asset managers running equity mandates on behalf of the FRR.

The departure of Olivier comes one year after Philippe Aurain, who served as CIO between April 2010 and April 2012, left the FRR to join Fédéris Gestion d'Actifs – a subsidiary of Malakoff Médéric – as chief executive and CIO.

Aurain was replaced at the time by Salwa Boussoukaya-Nasr, previously head of the department in charge of the FRR's asset allocation.

The fund saw its returns jump to 10.5% in 2012, while assets under management climbed to €36.6bn, largely offsetting the fall recorded in 2011.

That year, the fund's assets took a hit, falling to €35.1bn against €37bn in 2010, just a year after it introduced a liability-driven investment strategy as a result of changes to France's pensions regulation.

Following the reform in November 2010, the FRR was ordered to pay €2.1bn a year to the Caisse d'Amortissement de la Dette Sociale (CADES) until 2024.

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