Caisse de Garantie du Logement Locatif Social, Paris, which administers the finances of Frances state housing program, issued an RFP for a money manager to run 400 million euros ($416 million) in government bonds, said Marc Bonjour, caisse secretary general. The money is the agencys entire reserve used in guaranteeing loans taken out by private providers that build or manage housing projects for the state program, he said. Public Bank of France, a government treasury entity, manages the reserve, but the decision to conduct an external search was made after the caisse was separated from the Public Bank of France by parliamentary decree last year. "Now that we are a separate entity, we must respect the public offering rules and tender contracts, Mr. Bonjour said.
No proposal deadline has been set, but system officials expect to complete the process this year, Mr. Bonjour said. The search is being conducted internally, and no consultant is being used.
Investment restrictions on the mandate will be outlined to applicants at a later date.