Fonds de Reserve pour les Retraites, Paris, hired four managers to run about €1.5 billion ($1.6 billion) in dollar-denominated high-yield corporate debt, according to a news release on its website.
Managers AllianceBernstein, BFT Investment Managers, J.P. Morgan Asset Management and Nomura Asset Management will run the allocation between them. Details on the split and previous managers were not immediately available.
FRR's total allocation to high-yield corporate bonds was 9.4% at the end of 2021.
The mandate can also include other dollar-denominated debt, the release said. Further details were not available.
All managers will follow the pension fund's exclusion, voting and engagement policies and portfolio decarbonization targets, FRR said.
An RFP was published in January 2022.
A spokeswoman could not be reached to provide further details. FRR had €26 billion in assets as of Dec. 31, 2021, the latest available figure.