Fonds de Reserve pour les Retraites, Paris, hired Amundi Asset Management and AXA Investment Managers to manage a €5 billion ($6 billion) cash flow-matching portfolio, the €36 billion pension fund said in a news release Tuesday.
Amundi and AXA will run a portfolio that is mainly invested in investment-grade sovereign French bonds and Treasury bills for five years.
The portfolio was earlier managed by Allianz Global Investors and Natixis Asset Management in addition to AXA and Amundi. An RFP was issued last February.
A spokeswoman could not be reached to provide additional details.