Fonds de Reserve pour les Retraites, Paris, hired six managers to run a total of €1 billion in active euro-denominated credit, according to a news release.
The €28.8 billion ($42 billion) fund's investment-grade credit portfolio will be run by AXA Investment Managers, BNP Paribas Asset Management, Halbis Capital Management, La Banque Postale Asset Management, Quoniam Asset Management and Standard Life Investments.
Information on how much each manager will run was not available. Funding will likely come from reducing equities, but details were not available. An FRR spokeswoman could not reached for further information.
The RFP was issued in April. Earlier this year, FRR officials adopted a new strategic allocation that moved 15% of total assets to fixed income from equities. Both classes now have 45% targets, with 5% each in real estate and commodities.
