Fonds de Reserve pour les Retraites, Paris, hired Russell Investments France and AXA Investment Managers Paris as overlay managers.
The two firms will passively manage exposure to currency risks, implement asset class exposures decided by FRR's executive board, hedge part of the FRR portfolio with options and invest the necessary liquidity associated with these three tasks, a news release said.
Contracts run for four years with the possibility of two one-year renewals.
A search was launched in September 2019. Russell was rehired. State Street Global Advisors was the other manager, a spokeswoman said.
FRR had €26.3 billion ($32.3 billion) in assets as of Dec. 31.