FRANCE - The e16bn Fonds de Reserve pour les Retraites is tendering for a transition broker and an overlay manager.
The transition broker will be responsible for executing (and where applicable, to receive and order the execution of) buy and sell orders order on financial instruments on behalf of the FRR upon the constitution of its portfolios, through asset managers.
This mandate is expected to help optimise the security and cost of the constitution of the FRR’s investment portfolios, FRR said.
The second mandate is that of an overlay manager who will advise the FRR and manage its portfolio’s exposure to exchange rate risk. The overlay manager will also be required to implement the various tactical strategies approved by the FRR.
Deadline for both tenders is March 1.
In December, the fund had said that it had completed the first phase of its tender process with 137 applications entering the second phase. A total of 410 applications were received.
The FRR has sent draft management agreements to the managers as well as questionnaires to assess the offers’ quality. Deadline for tender for applications is February 2.
The fund tendered 27 mandates together with 12 stand-by mandates for the e16bn fund in July last year. The application period closed on September 12.
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