FRANCE – The French pension reserve fund, le fonds de reserve pour les retraites (FRR), has confirmed that it will be announcing the shortlist of fund managers in the second half of next month.

A spokeswoman for the FRR confirmed that the candidates chosen for the first round of the selection process would be announced in the second half of November. 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 euros fund in July this year. The application period closed on September 12.

There are twelve different asset classes in total. Thirty-eight percent of the fund will be invested in euro-zone equities. Of this amount, there are three passive mandates of one billion euros each, and seven active mandates of 200 million euros and 620 million euros.

Seventeen percent of the fund is to be invested in non-euro-zone equities, comprising one passive mandate of 640 million euros and seven other mandates ranging from 200 to 460 million euros.

In fixed income securities, 38% is to be invested in euro-zone bonds and 7% in non-euro-zone bonds. This comprises six 960 million euro active mandates, one inflation-linked international bond mandate, and two further mandates each of 480 million euros.