LUXEMBOURG - The new fund set up to hold Luxembourg's excess pension revenues is looking for managers to administer its €4bn in assets, excluding real estate and loans.

The Fonds de compensation commun au regime general de pension (FDC) was set up by the government in 2004 to holds excess revenues of the Grand Duchy's pension schemes for future allocation.

In the tender that will be launched on September 25 the fund's assets will be broken down into two lots.

One amounts to €1.9bn composed of shares and bonds for which 17 portfolio managers are needed.

The other lot will comprise liquidities worth €2.1bn and will be entrusted to four portfolio managers.

The managers will be awarded in 2007.

The fund will be organised as a SICAV (Société d'investissement à capital variable), an open-ended collective investment scheme.

The FDC comprises a 30-member general assembly and a 12-strong board of directors, which is assisted by an investment committee made up of six members.