FRANCE - France's reserve fund the Fonds de Réserve (FRR) pour les Retraites has terminated Dexia Asset Management from a socially responsible investment (SRI) mandate due to poor performance.
FRR said it hired Dexia in July 2006 to run a portfolio of European equities invested using an SRI strategy.
The pension reserve fund said Dexia's assets have been transferred to the scheme's other SRI managers.
As of December 31, 2008, the most recent information available, FRR's remaining European equity SRI managers were Allianz Global Investors, Morley Fund Management, Pictet Asset Management and Sarasin Expertise Asset Management.
Dexia spokeswoman Dominique de Garady declined to comment on FRR's decision but said the firm remains "very committed to SRI". Dexia runs €18.2bn (US$26.3bn) in SRI-managed assets.
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