FRR still in search of US equity manager
FRANCE - FRR, the €27bn French national reserve pension fund, has signed seven firms to manage equities mandates worth €2.3bn, but is still searching for a suitable manager to take care of a €800m US equities active value account.
The fund’s executive board began a search in July last year to find managers for eight mandates - three in Japanese equities, one for an Asia-Pacific passive portfolio and three further accounts for US active management growth equities (See earlier IPE story: FRR to award €3.1bn worth of equity mandates)
It has now appointed Daiwa SB Investments, DIAM International and Fidelity Gestion to look after mandates worth €300m each for the next three years.
Barclays Global Investors has similarly been appointed to take care of a €600m ex-Japan Asia-Pacific passive portfolio, while Allianz Global Investors France, through RCM Capital Manaagement, and ING Investment Management will each run four-year US active growth mandates worth €400m.
Officials at the fund said while they are still looking for the remaining manager they were “Delighted” with the quality of all the proposals submitted for tender.
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