FRANCE - Fonds de Reserve pour Retraites (FRR) has dropped Dexia Asset Management as one of its European equity managers on the back of poor investment performance.

A statement issued by the €31.9bn French national pension reserve fund said FRR has terminated a five-year agreement first installed in July 2006 to deliver European equities with an SRI approach.

No specific data is given but officials said "the decision is based on the poor relative financial performance of this mandate".

Dexia's mandate will now be redistributed among the other four other firms - AGF Asset Management, Aviva Asset Management (formerly Morley FM) alongside Pictet AM and Sarasin Expertise AM - who were appointed at the time to manage an initial €600m in total.

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