Fonds de Reserve pour les Retraites, Paris, is searching for up to 11 active fixed-income managers to run a €5.5 billion ($6 billion) allocation to corporate bonds.
A maximum of six managers will run a €4.5 billion allocation to euro-denominated investment-grade bonds, and up to five managers will run a €1 billion allocation to euro-denominated high-yield bonds, a spokeswoman said.
All selected managers will incorporate environmental, social and governance factors into their management processes.
The current managers of the euro-denominated corporate fixed-income portfolio — Allianz Global Investors, AXA Investment Managers, HSBC Global Asset Management, Insight Investment Management, Kempen Capital Management and La Banque Postale Asset Management — can rebid.
Submissions should be sent via public procurement website Achat Public by noon Central European Time on June 22. Executives will make a decision next year, the spokeswoman said.
FRR has a total €33.6 billion in assets.