The Fonds de réserve pour les retraites (FRR), the €33bn French public sector pension fund, has concluded its manager search for a range of active equity mandates, making nine appointments.

The fund began the search for two active equity investments, European small cap and French small to medium cap, in May last year.

Combined, the mandate awards will see FRR push €800m of assets into the equity classes, following on from its €1bn into US equity.

In a similar strategy, the fund equally split the mandate into a value strategy and a growth strategy, both looking at US mid to large-cap equity funds.

For its €500m European small-cap allocation, the fund has turned to Fidelity, Montanaro Asset Management, Standard Life Investments and Threadneedle Asset Management.

Going more locally, CM-CIC Asset Management, CPR Asset Management, Generali Investments Europe, ODDO Asset Management and Sycomore Asset Management will split the €400m in French small to medium-cap investments.

Both strategies will run for four years, with the option for a fifth.

Laurent Deltour, chairman and founder of Sycomore AM, said: “We are delighted with this new success, especially as Sycomore AM is the only specialised, independent investment boutique in the five firms selected.”