FRANCE - The €34.5bn French national pension reserve fund FRR has awarded two active management mandates for US small cap equity portfolios.

FRR today announced it has appointed Allianz Global Investors France and BlackRock Asset Management following the launch of a restrictive procedure on July 17 last year, designed to find the two managers.

The pension fund, which forays for the first time into American smaller companies, has delegated financial management of the mandate to its subsidiary Nicholas Applegate Capital Management, according to FRR.

"The indicative allocation is for an amount of €500m and for a period of five years," the fund said in a statement today.

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