Etablissement de Retraite Additionnelle de la Fonction Publique, Paris, is searching for up to three global active convertible bond managers with socially responsible focus to jointly manage a €700 million ($772 million) allocation, a spokeswoman said.
The €29.6 billion pension fund will select two managers on a permanent basis and one stand-by.
Launched in 2012, ERAFP's convertible bond portfolio has been managed by Schelcher Prince Gestion and Lombard Odier Gestion France. Both firms are eligible to rebid. As of Dec. 31, 2018, convertible bonds amounted to 2.6% of total assets.
The selected managers will be awarded four-year contracts, with options to extend the contracts twice for one additional year.