FRANCE - The €33.4bn Fonds de Réserve pour les Retraites (FRR) appointed the final three managers to its newly-created passive portfolio.

BlackRock Asset Management and Vanguard Investments Europe will manage the investment in North American (US and Canada) large and mid caps while Barclays Global Investors was selected as stand-by manager.

The FRR selected Vanguard Investments Europe SA, Barclays Global Investors and UBS Global Asset Management France  in June for the Eurozone large cap part of the €500m passive portfolio.

The fund is currently reviewing its overlay manager State Street Global Advisors as the three-year contract is coming to an end.

Furthermore, the fund is looking for managers for a new French equity portfolio and for a US small cap equity portfolio each worth in excess of  €500m.

The fund plans to roll out a tender for mandates for passive replication of the commodities indices this autumn.