FRANCE - The €31.8bn Fonds de Réserve pour les Retraites (FRR) has renewed State Street Global Advisors' (SSgA) currency mandate.
SSgA is to manage the French fund’s currency risk with the additional task of implementing its tactical asset allocation.
The FRR launched the search when SSgA’s original contract ran out in June.
SSgA has taken on the contract for a period of two years, with the possibility of a one-off renewal.
In August 2007, the FRR appointed Nicolas Sobczak, a former executive director at Goldman Sachs, as CIO following the departure of Jean-Louis Nakamura.
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