The €21.2bn Fonds de Réserve pour les Retraites (FRR) has selected two asset managers – AXA Investment Managers and Ostrum Asset Management – for a six-year contract with a possible one-year extension, worth €1.4bn.
The two managers will run two mandates primarily investing in financial securities issued by the French government, such as French treasury bonds and Treasury bills, FRR said.
“These two French asset management companies demonstrated, through robust and proven investment processes, their ability to leverage the flexibility offered by this mandate to create value for the FRR,” the pension fund announced.
Among the two selected asset management companies, AXA IM was already managing a cashflow matching contract in the previous mandate and was reselected following the tender process.
The FRR “is delighted” with the quality of the applications received for this contract and “would like to thank all the companies that applied”.
Most recently, the pension fund awarded €400m in mandates for active Japanese equities across all capitalisations, using a “blend” style. It appointed FIL GESTION, Nomura Asset Management Europe, and Lombard Odier Funds (Europe) for a five-year contract, with a possible one-year extension.
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