LUXEMBOURG - The €5bn Fonds de Compensation commun au regime general de pension (FDC) has chosen Ernst & Young as its actuary.

Ernst & Young was appointed to check the accounts of the SICAV (Société d'investissement à capital variable) open-ended collective investment scheme the Luxembourg fund for excess pension revenues created for its assets in mid-July.

The international accountancy firm won the tender for its Luxembourg office against three other bidders.

The FDC based its choice on the fee structure of the candidates as this accounted for 55% of its decision while experience and staff capacity weighed 25% of its selection criteria and professional responsibility reflected 20%.

The FDC chose 18 managers last month for its investments in equities, bonds and money market instruments.

No update has been given on the €140m tender for the manager of a €140m passive European equity mandate which will have to be renewed as only one fund manager was interested in the lot.

The fund did select the Luxembourg branch of Citibank International in May, from 16 participants in the tender for depositary services and administration.

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.