FRANCE - The Etablissement de Retraite Additionnelle de la Fonction Publique (ERAFP), France’s supplementary pension scheme for civil servants, has awarded six mandates to asset managers including Amundi, BNP Paribas and Axa Investment Managers, totaling €1.3bn.
First tendered in June last year, the awards are for a number of small to large-cap equity portfolios, ranging from €45m to €500m, and account for around a tenth of ERAFP’s total value.
In addition to the six managers awarded the mandates, framework agreements have been drawn up with a further seven in case one or several of the managers is replaced.
The scheme said of the awards: “The investment firms selected for the indexed management mandates must replicate the SRI Best in Class index put together by ERAFP in association with EDHEC [Business School].”
It added: “In keeping with ERAFP’s 100% socially responsible investment (SRI) policy, the new mandates will incorporate, in the terms and conditions best suited to each mandate, ERAFP’s SRI approach.”
The two biggest awards went to Edmond de Rothschild Asset Management, Cie Gestion, Axa Investment Managers Paris (Axa IM) and BNP Paribas Asset Managers, responsible for a combined total of €1bn.
Edmond de Rothschild and Cie Gestion will manage a €500 listed mid and large-cap euro-zone equity mandate, with no benchmark. Framework agreements for this lot were agreed with Tobam and Axa Investment Manager Paris (Axa IM).
The second €500m mandate was awarded to Axa IM and BNP Paribas, applying an active benchmarked management approach, again to a mid to large-cap equity mandate within the euro-zone.
Additionally, framework agreements have been drawn up with Amundi and Allianz Global Investors France.
A €300m mandate for mid to large-cap euro-zone equity was awarded to Amundi, with BNP Paribas and Axa IM on standby, while the smallest mandate - more than €45m invested in small to mid-cap European equity - will be managed by BNP Paribas, employing an indexed management approach.
State Street Global Advisors France was awarded the framework agreement for latter portfolio.
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