FRR reappoints State Street
FRANCE - The €33.4bn Fonds de Réserve pour les Retraites (FRR) has concluded its search for a currency overlay manager.
State Street Global Advisor (SSGA) has won a two-year contract to implement FRR's tactical allocation and its currency risk hedges.
The tender was put out in June as SSGA's old three-year contract was coming to an end.
At year-end 2006, FRR had just under 30% of its assets in currencies other than euros as US dollars accounted for the largest part of its currency position, followed by Japanese yen and UK sterling.