FRANCE - The French pension fund manager Fonds de Réserve pour les Retraites (FRR) has hired Crédit Agricole Asset Management (CAAM) to run various asset classes when needed.
FRR said: "This mandate seeks to serve as a tool for gaining exposure to all of the asset classes in which the FRR is invested, as needed, for example by temporarily replacing a deficient manager."
The pension fund manager launched the search in April.
FRR has been making a slew of manager changes this year, including firing Robeco Institutional Asset Management from a €1.5bn (US$2.1bn) Eurozone bond mandate in July. In April, FRR doled out €1.1bn in equity mandates to seven managers.
FRR also recently changed its asset allocation line-up to reflect its move to reduce the equity exposure in its €28.9bn portfolio. The new allocation, announced in June, earmarked 45% to equities, 25% to fixed-rate bonds, 20% to indexed bonds and 5% each to real estate and commodities. Investments in equities, real estate and commodities combined can range from 40% to 60%.
CAAM's contract will last for three years.
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