FRANCE - The Fonds de Réserve pour les Retraites (FRR) has compiled a shortlist of managers for six mandates worth a total e600m using socially responsible investment (SRI) criteria. These include five European equities mandates plus one standby brief.
A spokeswoman for FRR would not reveal the names of the firms or number of shortlisted candidates but said the e600m dedicated to SRI thus far could grow.
More than 40 asset management firms submitted proposals in response to the tender, launched last summer.
The shortlist was drafted following discussion with the fund’s manager selection committee. The prospective managers now have until 12 January 2006 to finalise their proposals and make full submissions.
The SRI principles against which the finalists will be judged include respect for international law and basic worker rights; job development through better management of human resources; corporate environmental responsibility; respect for consumers and fair trade practices in local markets; and corporate governance practice.
“This is a commitment we have had for a long time,” said the spokeswoman, with regards to the principles.
“The fund is really attached to that kind of investment, and we want to go further in that process.”
UK consultant BFinance is advising the fund on the search process and the investment universe is restricted to European large and mid caps.
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