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FRR still in search of US equity manager

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  • 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.

If you have any comments you would like to add to this or any other story, contact Julie Henderson on + 44 (0)20 7261 4602 or email julie.henderson@ipe.com

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