FRANCE - French pension fund UMR has promoted Philippe Rey to the position of chief investment officer.

He succeeds Vincent Ribuot, who is now head of marketing and strategy at asset manager OFI.

Rey, who previously served as deputy CIO, will start in his new position at the end of this month.

He joined UMR Corem in 2006.

Ribuot will start his new role at OFI in September and sit on the executive board.

Ribuot joined the French pension fund in 2003 as CIO and then became a member of the board of directors.

In 2008, he was elected vice-president of the French association of institutional investors (Af2i).