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IPE special report May 2018

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French reserve fund may hire transition manager

FRANCE – The 16 billion-euro Fond de Reserve pour les Retraites is considering appointing a transition manager, says law firm Allen & Overy.

Allen & Overy has announced that it has been appointed to advise the board of directors of the French pensions reserve fund (FRR) “on the selection of investment firms tendering for a role in the management of its assets”.

According to the firm, it will advise on the appointment of a transition manager “which will be principally responsible for centralising the execution of purchase orders of securities for the portfolio management companies in connection with the construction of their portfolio”.

It will also act as adviser on the selection of investment firms to manage their exposure to both the benchmark (tactical overlay) and currency risk (currency overlay) during the transition period.

Allen & Overy will be advising the FRR on public law issues and financial law issues; the definition of the role assigned to the investment firms; and the drafting of the contracts with the FRR and the selected investment firms.

The FRR is expected to announce the shortlist of investment managers in the next two weeks. The final selection of fund managers will be announced in the first quarter of 2004.

The FRR tendered 27 asset management mandates together with 12 stand-by mandates for the 16 billion-euro fund in July this year. The application period closed on September 12.

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