FRANCE - The e16bn Fonds de Réserve pour les Retraites has appointed an overlay mandate to State Street Global Advisors for a period of three years.
SsgA will ensure currency risk management and tactical management for the fund’s portfolios. It will provide macroeconomic and financial advise and implement the tactical decisions made by the fund’s board. It will also be responsible for hedging the currency risk.
The fund said that it had appointed the manager after conducting an analysis of each proposal and having taken into account the views of its manager selection committee.
“Experts from the FRR analysed the proposals submitted in connection with the mandate, with the support from a financial consultants Mercer Investment Consulting and legal counsel Allen & Overy,” the fund said.
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