FRANCE - Financial assets at the French pension reserve fund (FRR) have reached e24.8bn, with 29.8% of its assets invested in money market instruments while it bides its time to invest in bonds, the fund has revealed.
The total assets have increased by e1.3bn with a 15.12% increase in performance of mandates invested in marketable securities since the beginning of 2005.
Antoine De Salins, member of the board for the FRR, would not elaborate on when he thought the fund would become fully invested in bonds. “We have delayed being fully invested in euro bonds for the obvious reasons, but we are still looking closely at the evolution of interest rates in the euro zone and also in the US. However, we are technically ready to seize any opportunity of investment If the level of interest rates seems satisfactory,” he said .
He added: On the mandate performance, it is too soon to draw precise conclusions, but we obviously follow closely the progress of each of our mandates.
“Since we began, we have had a huge amount to do, but this work has produced very good results. We are now fully invested in equities with regards to our strategy.
The fund’s assets are invested as follows: European and international equities 57.6%; fixed-income instruments 12.6%; and money market instruments 29.8%.
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