FRANCE - The €27.6bn Fond de Resérve pour les Retraites, the French Pensions Reserve Fund, has re-appointed its manager selection committee, with one change.

The group was originally formed in 2003 for a three-year term.

They are: Alain Hindie, former member of the Crédit Lyonnais executive board and former chief executive of Deutsche Bank SA; René Karsenti, chairman and CEO of the International Capital Market Association; Jean-François Marie, vice president of Montpensier Finance and Alain Robidel, associate director of AC2F Consultants.

Marie takes over from Christopher Nowakowski who has opted to leave for personal reasons.

FRR executive board member Antoine de Salins chairs the committee. The group has a three-fold role according to the fund's bylaws.

It provides the executive board with its opinion on Requests for Proposals, analyses asset managers' proposals for the management of the mandates and review reports on the implementation of the mandates.

In July the fund reported a -2.3% return in the second quarter due to the "strong and sudden" decline in global equities markets in May. Its assets fell from €28.1bn at the end of the first quarter to €27.6bn at the end of June.