French pension fund FRR awards corporate bond mandates

French public pension fund Fonds de réserve pour les retraites (FRR) has awarded 11 actively managed mandates invested in financial instruments covering bonds and other euro/dollars denominated “credit investment grade” debt securities.

The tender was launched in January 2015. All mandates are granted for a duration of five  years and can be renewed for one year.

FRR has selected six companies to actively manage mandates covering bonds and other euro denominated “credit investment grade” debt securities :

  • Allianz Global Investors GmbH
  • AXA Investment Managers Paris
  • HSBC Global Asset Management (France)
  • Insight Investment Management (Global) Limited
  • Kempen Capital Management N.V.
  • La Banque Postale Asset Management

Around €5.5bn of assets will be managed through those mandates.

The remaining five active management mandates covering bonds and other dollar denominated “credit investment grade” debt securities have been granted to the following firms :

  • AXA Investment Managers Paris (AXA Investment Managers Inc.)
  • BFT Investment Managers (MacKayShields LLC)
  • BlackRock Investment Management (UK) Limited (BlackRock Financial Management Limited)
  • Morgan Stanley Investment Management Limited (Morgan Stanley Investment Management Inc.)
  • Wells Fargo Securities International Limited (Wells Capital Management, Inc.)

Up to $3bn (€2.76bn) in assets will be managed in those mandates.

FRR commented it was very pleased with the number and quality of proposals received.

Established in 2001 by the French state, FRR’s mission is to manage funds that have been allocated to it with the aim of building up reserves to contribute to the long-term sustainability of the French pension system.

Adrien Paredes-Vanheule
Adrien Paredes-Vanheule is French-Speaking Europe Correspondent for InvestmentEurope, covering France, Belgium, Geneva and Monaco. Prior to joining InvestmentEurope, he spent almost five years writing for various publications in Monaco, primarily as a criminal and financial court reporter. Before that, he worked for newspapers and radio stations in France, in particular in Lyon.

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