FRANCE - Fonds de Reserve pour les Retraites (FRR), the €31.9bn French national pension reserve fund, has completed its recent renewal of some fixed income mandates with the appointment of five managers to run US bond mandates.
The pension fund has awarded the managers five-year mandates to run an estimated €1.5bn of assets allocated to actively managed investment grade credit denominated in US dollars. The successful managers are:
The FRR launched a tender in April for three lots of bond mandates. The first manager selection for inflation-linked bonds in Euros was completed in November, while the appointment of managers for investment grade credit in Euros was announced last week. (See earlier IPE articles: Two down, one to go: FRR signs fresh credit strategies and FRR awards €4bn to inflation-linked bond mandates)
Of the 17 bond mandates awarded by FRR in the selection process, three have been awarded to AXA IM - one in each category - and two to BNP Paribas (inflation-linked and Euro corporate bonds). The remaining 12 managers were each awarded one mandate.
FRR is meanwhile continuing its review of fixed income with a search for up to five managers to run global government bonds - developed countries mandates valued between €4-5bn. The closing date is 29 January 2010.
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