FRR in US small cap hunt
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.
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