FRANCE - The Fonds de réserve pour les retraites (FRR) has fired BlackRock from a €478m ($651m) US small-cap equity portfolio, taking 87% of the assets the firm runs in the strategy.
The FRR said it terminated BlackRock because of poor performance. According to eVestment Alliance, a database of manager portfolios and performance, as of September 30, BlackRock ran $742.6m in assets...
FRANCE - Alcatel-Lucent reported a pension and other post employment benefit (OPEB) deficit of €1.2bn ($1.7bn) in the third quarter down from an overfunding of €49m at the end of June.
FRANCE - The Fonds de reserve pour les retraites' funding ratio fell to 132%, dropping 11 percentage points from June's value due to decreasing interest rates on 10-year bonds.
ITALY - BNL/BNP Paribas Employees' Pension Fund has hired State Street Global Advisors to run an €82m ($113m) custom fixed income mandate while the Cariplo Pension Fund renewed a European equity mandate worth $71m.
US - The board of the California Public Employees' Retirement System renewed the contracts of the 16 external managers responsible for its $123.3bn global equity portfolio.
UK - The Pensions Protection Fund has widened its selection of transition managers by recruiting nine firms to its panel, but missing from the list was incumbent State Street who the PPF said did not re-bid.