FRANCE - The €31.3bn Fonds de Reserve pour les Retraites (FRR) has launched a search for two managers covering active US small cap equity portfolios, which are each worth €250m (US$344.4m).
Following a strategic review of asset allocations in May 2006, the pension reserve fund decided to geographically rebalance its equities holdings for “greater diversification”, according to a spokesperson.
The FRR opted to increase its international exposure and decrease its Eurozone exposure in all countries except France.
And it subsequently tendered for two passive French equity management mandates totalling a further €500m, earlier in July.
Later this year the FRR has announced it will also tender a mandate for the passive replication of commodities indices.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.