FRANCE - The €33.4bn Fonds de Réserve pour les Retraites (FRR) has concluded its search for a currency overlay manager.

State Street Global Advisor (SSGA) has won a two-year contract to implement FRR's tactical allocation and its currency risk hedges.

The tender was put out in June as SSGA's old three-year contract was coming to an end.

At year-end 2006, FRR had just under 30% of its assets in currencies other than euros as US dollars accounted for the largest part of its currency position, followed by Japanese yen and UK sterling.

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