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French reserve fund announces benchmarks

FRANCE – The French pensions reserve fund says it has selected the benchmark indices for the mandates it is awarding to asset managers.

The equity mandates would be benchmarked against FTSE, while bond briefs would be benchmarked against Iboxx, Barclays Capital and Lehman Brothers indices.

The Fonds de Réserve pour les Retraites said: “All of these indices have been customised in line with the specific requirements of the FRR and, in particular, the investment universes of the different lots within its portfolio.”

FTSE said it had been selected to provide eight benchmark indices to the fund, covering European, US and Asia-Pacific markets, comprising both active and passive funds.

“Altogether, FRR will benchmark 8.8 billion euros to FTSE indices.” The indices are derived from the FTSE Global Equity Index Series and would be customised to meet the fund’s fiscal requirements.

The fund selected Iboxx Euro indices for euro-denominated bonds. Inflation-linked bonds would be benchmarked to Barclays Capital’s Inflation-Linked bonds Index while international bonds (excluding euro) will be benchmarked to Lehman’s Global Aggregate Index.

"FTSE is honoured to be selected as the index provider for these historic mandates and to participate in the creation of a retirement system for France,” said FTSE chief executive Mark Makepeace.

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