Fonds de Reserve pour les Retraites, Paris, hired BNP Paribas Asset Management, Amundi, Vanguard and AllianceBernstein to run a combined €2 billion ($2.8 billion) in passive developed markets equity, a spokeswoman confirmed.
BNP Paribas Asset and Amundi will run a combined €1 billion in non-cap-weighted strategies, while Vanguard and AllianceBernstein will run a combined €1 billion in cap-weighted strategies. The fund does not disclose mandate sizes of managers, and officials have not decided which indexes will be tracked, the spokeswoman said.
A search began in January.
Separately, the fund announced Wednesday that its total assets were €35.6 billion as of June 30, down 5% from three months earlier.