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IPE special report May 2018

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French reserve fund tenders Japanese equity mandates

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  • French reserve fund tenders Japanese equity mandates

FRANCE – France's €36.6bn Fonds de Réserve pour les Retraites (FRR) is looking for one or several asset managers to run a number of Japanese equity mandates.

The managers selected will be asked to run the mandates using an active approach over the long term, the FRR said.

The mandates, worth as much as €400m in total, will be awarded for four years, with the possibility of a one-year extension.

The mandates will focus on listed companies based in Japan that are included in the FTSE Japan All Cap index or similar indices.

The investor has set a 10% maximum tracking-error guideline.

The closing date for applications is 24 July.

The FRR tendered a number of equity mandates earlier this year, including a French small-cap equity mandate and a European small/mid-cap mandate.

Last month, the French reserve fund also tendered a medium to large-cap US equity mandate for one or several asset managers.

Speaking with IPE magazine in April, Mickael Hellier, head of the FRR's responsible investment strategy, said the fund was also planning to select fund-of-fund managers to run a €100m mandate investing in waste-water plants and other sustainable enterprises later this year.

This mandate will be for three years, enabling the fund to evaluate whether its ESG criteria fit with this renewable energy asset class.

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