FRANCE - The €32bn Fonds de Réserve pour les Retraites (FRR) is reviewing its overlay manager State Street Global Advisors and has awarded three equity mandates.

As the three-year contract for the currency overlay mandate is coming to an end, the French reserve fund is looking for a new manager.

"The role of this service provider is to manage the exposure of the FRR's portfolio to the currency risk, as well as to advise the FRR and implement its tactical allocation strategy," the fund noted in a press release.

Deadline for participation in the currency overlay tender is midday on August 3.

FRR also announced today it has awarded three of a total of five passive equity mandates, worth in excess of €500m, it had tendered for in March.

The awarded passive Eurozone large cap equities mandates so far go to Vanguard Investments Europe SA, Barclays Global Investors and
UBS Global Asset Management France.

The fund is still in the process of selecting passive managers for its North American large and mid caps.

FRR is currently also looking for a provider of a database on mutual funds to cover both open- and closed-end funds worldwide. The data will also be used to help the fund decide on passive and active managementof mandates.

The fund is expected to tender a mandate this summer for emerging market equities. In February, the FRR had started atemporary and limited exposure to this asset class of less than 1% ofits portfolio via ETFs.