Fonds de Reserve pour les Retraites, Paris, issued RFPs for five passive equity managers to run a total of €5.8 billion ($7.6 billion) in assets, according to a fund spokeswoman. The €31.3 billion fund wants to hire three eurozone large-cap managers and two U.S.-Canada large-cap/midcap managers, along with a standby manager for the U.S.-Canada portfolio. The spokeswoman would not say how much each new manager would run.
Currently, BGI, Credit Agricole Asset Management and Vanguard Investments Europe manage €1 billion each in passive eurozone large-cap equities, and Vanguard runs €640 million in passive U.S. large-cap equities. BGI is the current standby manager for passive U.S. equities. The firms can rebid. The funding source for the remaining assets could not be immediately learned.
RFPs are due April 6 and can be obtained from FRR’s website, www.fondsdereserve.fr. Selections are expected later this year, the spokeswoman said.
