Etablissement de Retraite Additionnelle de la Fonction Publique, Paris, hired 10 managers to run allocations to eurozone, Europe and Japan equities.
The pension fund, which had €38.2 billion ($40.8 billion) in assets as of Dec. 31, also hired 10 managers on standby.
Allocations were made across six separate types of exposure: two passively and four actively managed portfolios. The value of each allocation was not disclosed, but ERAFP said the overall amount allocated for each of the passive allocations was between €1 billion and €10 billion, while the active allocations totaled between €500 million and €8 billion.
The managers and standby managers are:
- Amundi for eurozone passive equities replicating the MSCI European Economic and Market Union-based ERAFP SRI index, with DWS Group on standby.
- BlackRock France for eurozone passive equities replicating the SciBeta Eurozone SRI CRB-efficient MSR CTB index, with BNP Paribas Asset Management France on standby.
- Allianz Global Investors, BNP Paribas Asset Management France, Lazard Freres Gestion, Tocqueville Finance and Edmond de Rothschild Asset Management France to run active eurozone mid- and large-cap listed equities, with Mirova and DNCA Finance on standby.
- Candriam for active European mid- and large-cap equities on an SRI basis, with Comgest and BlackRock France on standby.
- BFT Investment Managers, with Montanaro Asset Management as the delegated manager, for active European small-cap equities run on an SRI basis, with FIL Gestion and Amiral Gestion on standby.
- Comgest and BFT Investment Managers, with Wellington Management Japan as the delegated manager, for active Japanese equities run on an SRI basis, with Pictet Asset Management and Lazard on standby.
Each manager is expected to vote actively at general meetings on portfolio companies in accordance with ERAFP's voting policy, a news release said.
"With the renewal of these mandates, ERAFP continues to scale up the scheme and thus strengthens its contribution to financing the economy," the release added.
ERAFP will activate the standby managers as it sees fit.
Allianz Global Investors, Amundi, AXA Investment Managers Paris, EdRAM, Mirova, Ofi Invest Asset Management and Sycomore Asset Management previously ran eurozone listed mid- and large-cap equities. Candriam ran European listed mid- and large-cap equities. A consortium made up of BFT Investment Management and Montanaro AM managed the European listed small- and mid-cap equities exposure, while Comgest and Robeco Institutional Asset Management ran a Pacific-region listed large cap equities allocation. All managers were invited to rebid.
