Searches and Hires

FRR to award $2.7 billion to as many as 12 U.S. equity managers

Fonds de Reserve pour les Retraites, Paris, is seeking up to 12 equity managers that will provide exposure to large- and midcap U.S. equities, according to a notice on European procurement website Tenders Electronic Daily.

The €36 billion ($42 billion) pension fund will award two €900 million allocations — one to be divided among four growth managers and one for four value managers of active U.S. large-cap and midcap equities.

In addition, the pension fund for France's public-sector employees will appoint up to four active managers to run a €500 million total allocation for U.S. small-cap stocks.

FRR has €18.4 billion in developed market equities. The benchmark used to measure the managers' performance will be similar to Russell 1000 Growth, Russell 1000 Value and Russell 2000 indexes, respectively. All assignments will last two years.

Submissions are due on Aug. 10 at noon Central European Time.

No further information could be learned by press time.