Fonds de Reserve pour les Retraites, Paris, hired eight managers to run a total of €1.7 billion ($1.9 billion) in active European and French small-cap equities.
The search was split into two mandates. Managers must integrate environmental, social and governance factors into their investment processes for both mandates.
J.P. Morgan Asset Management, AXA Investment Managers, BNP Paribas Asset Management and Fidelity International will run a €1.1 billion European small-cap equity allocation.
According to its 2016 annual report, the pension fund's allocation to European small-cap equities was previously managed by Fidelity, Montanaro Asset Management, Threadneedle Asset Management (now Columbia Threadneedle Investments) and Standard Life Investments (now Standard Life Aberdeen).
Managers hired for the second mandate — to run a €600 million allocation to French small-cap equities — were HSBC Global Asset Management, Amiral Gestion, Sycomore Asset Management and BFT Investment Managers.
An allocation to French small- and midcap equities was previously managed by CM-CIC Asset Management, CPR Asset Management, Generali Investments Europe, Oddo BHF Asset Management and Sycomore Asset Management.
Each contract will run for four years, with a possible one-year extension.
