FRANCE – State Street Global Advisors in France has confirmed it has been awarded two mandates from French state pension fund Agirc-Arrco amounting to €345m.
According to State Street’s head of asset management in France, Jean Echiffre, the US firm was awarded one eurozone equity index mandate worth €240m, and a €105m active management mandate.
Earlier this week, French newspaper L’Agefi reported that Agirc-Arrco had awarded 15 mandates to fund managers worth €4bn.
“Agirc-Arrco announced all its mandates at the same time. It was a global announcement,” Echiffre told IPE. Agirc-Arrco could not be reached for comment.
State Street is currently in the process of setting up all the relevant structures and administration following the announcement.
Other mandate winners include UBS GAM, Credit Suisse Asset Management, AXA Rosenberg, Franklin Templeton and Edmond de Rothschild, said the report.
According to the article, France’s compulsory state scheme awarded three €100m mandates to UBS, AXA and Edmond de Rothschild.
Credit Suisse Asset Management, Groupama Asset Management, Société Générale Asset Management and Dexia Asset Management were also each awarded sizeable diversified bond mandates worth a reported €700m each.