FRANCE - Fonds de Reserve pour les Retraites (FRR), the French pension reserve fund, has completed the appointment for its second lot of bond mandates, and now has just one more to go.
A statement issued by the pensions body said six active managers will now look after approximately €1bn in assets for five years, allocated to investment grade euro-denominated credit:
Axa IM BNP Paribas AM Halbis Capital Management (part of HSBC Group) La Banque Postale AM Quoniam AM Standard Life Investments.
In November, FRR signed six firms to look after €4bn in inflation-linked debt. (See earlier IPE story: FRR awards €4bn to inflation-linked bond mandates)
It has yet to appoint managers for its third lot of bond mandates, which will invest in US dollar-denominated actively-managed investment grade corporate debt.