FRANCE - Goldman Sachs and Russell Implementation Services have been appointed by FRR, the French national pension reserve, to handle the transition management of its assets.

Both parties have been granted three-year contracts to negotiate financial instruments on behalf of the €32bn Fonds de Reserve pour Retraites (FRR), in a bid to deliver cost savings and confidentiality over transactions.

The selection process for a transition manager began in May 2009 and these latest appointment follow a series of deals by FRR to look after its fixed income assets. (See earlier IPE stories: FRR completes third set of bonds appointments, Two down one to go: FRR signs fresh credit strategies and FRR awards €4bn to inflation-linked bond mandates)

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