FRANCE - France's nascent pensions reserve fund, FRR (Fonds de Réserve pour les Retraites), is looking to tender for firms to oversee transition management, and exposure to both benchmark and currency risk.
Any tenders will complement additional FRR money up for grabs which involves 27 investment mandates, and 12 standby mandates spread over 12 asset classes. A long-list of managers was expected by the end of October.
FRR has appointed international law firm Allen & Overy to advise the firm from its Paris office on public and financial law issues, including the drafting of investment firm contracts.
Capital markets partners Pierre Gissinger and François Poudelet, assisted by associate Hubert Blanc Jouvan, will advise the fund on financial law aspects, and partner Noël Chahid-Nouraï and associate Catherine Baccard will advise on public law.
Furthermore, UK-based regulatory partners John Goodhall and Paul Phillips, assisted by associate Pavel Shevtsov, will advise investment fund issues.
Pierre Gissinger said: We are delighted to have been awarded this mandate which is both prestigious and complex, both as a result of the legal issues involved and the stake the FRR represent.
The FRR was launched earlier this year and is expected to have e16bn under management at the end of December. The rationale behind the fund was to plug the multi-billion euro hole estimated to hit the state system by 2020 due to a population ageing.
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