FRANCE - The Fonds de réserve pour les retraites (FRR) has appointed Philippe Aurain as chief investment officer.
He succeeds Nicolas Sobczak from April 1. A spokesperson for FRR declined to comment on the reasons of the replacement.
Aurain began working for the FRR in 2003 as investment director, and was later appointed head of external asset management and then financial deputy director.
Before joining the FRR, Philippe Aurain was head of savings surveys and network relationships within the Caisse des Dépôts et Consignations and head of own-account European equity management for Ixis.
Last month, FRR reported investment returns of 15% for 2009 on the back of the strong rebound in the equity markets. (Global Pensions, February 15, 2010)
The positive performance brought FRR's total assets to €33bn (US$45.3bn) from €27.7bn at the end of 2008, when the fund lost 24.9% of its value.
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