FRANCE - The French pension fund Fonds de Réserve pour les Retraites (FRR) is searching for managers to run global exposures mandates spanning various asset classes.
The managers will be on-call and used as needed.
The FRR said: "This portfolio is intended to serve as a tool for gaining exposure to all asset classes in which the FRR invests, as needed. In particular, it would be activated in the event that a temporary replacement is needed for a missing or defaulting manager, or to allow for rapid exposure to certain asset classes."
As of June 30, the most recent breakdown currently available, the FRR invested 9% in ex-Euro fixed income, 29.9% in European fixed income, 24.7% in non-European equity, 32.2% in European equity, 1.6% in "diversification assets" and 2.6% in cash.
The search, launched April 3, came just one week after FRR announced it had hired managers to run a combined €1.1bn (US$1.45bn) in European and US equities.
The deadline to submit proposals is May 15.
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