FRANCE - The Fonds de Réserve pour les Retraites (FRR) gained 2.6% during the first quarter, according to estimated and unaudited data supplied by the fund.
Its net annualised performance since its inception in June 2004 was 3.1%. FRR's assets under management grew to €34.5bn (US$44.8bn) from €26bn a year earlier.
In a statement, FRR said: "The first quarter was marked both by the confirmation that the global economy was undergoing a modest recovery, which supported the equity markets, and by volatility due in particular to concerns related to strategies for consolidating public finances, particularly within the Eurozone."
The fund has 46.8% of its portfolio invested in equities, 45% in fixed income and money market investments, 5% commodities and 3.2% real estate.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.