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ESG: The metrics jigsaw


French reserve fund taps State Street for overlay

FRANCE – The 16 billion-euro French pensions reserve fund, the Fonds de Réserve pour les Retraites, has awarded a currency overlay mandate to State Street Global Advisors.

“After conducting an analysis of each proposal received last June and having taken into consideration the opinion issued by the Manager Selection Committee, the Executive Board of the Fonds de Réserve pour les Retraites has awarded an overlay mandate to State Street Global Advisors France for a period of three years,” the fund said.

The scheme added that the overlay manager would “ensure currency risk management and tactical management for the portfolios of the Fund”.

“Accordingly, it will provide macroeconomic and financial advice and implement the tactical decisions made by the Fund’s Executive Board. It will also be responsible for hedging the currency risk.”

The brief was awarded in a “competitive dialogue” process, the FRR said.

It was advised by Mercer Investment Consulting and law firm Allen & Overy.

“The FRR thanks all of the candidates for the quality of their proposals, which, along with the advice offered throughout this process, have resulted in technically sophisticated and innovative specifications.”

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