Fonds de Reserve pour les Retraites, Paris, rehired BlackRock Advisors and Russell Implementation Services as transition managers, the French pension fund said on its website.
The €36 billion ($43 billion) pension fund dropped Goldman Sachs International, which was also providing the service to the pension fund alongside the other two transition managers prior to the search launched in October. All three firms were allowed to rebid.
The selected managers run one or more portfolios during transition periods. They receive and execute buy and sell orders on financial instruments made by all FRR's money managers during these periods.
