FRANCE – The €10.2bn French pension fund UMR is looking for an investor to take a majority stake in the scheme and is likely to name a new permanent chief executive only once this shareholder is found.
Charles Vaquier, acting chief executive at the fund, said the recent appointment of Christian Oyarbide as his replacement would only be temporary.
Oyarbide's appointment was made public last month following the announcement that Vaquier, who has served as chief executive at UMR since December 2002, would leave the scheme at the end of this month.
Vaquier added that UMR was likely to appoint a permanent chief executive in August once a new investor interested in taking a majority stake in the scheme was found.
Under French law, pension funds are regulated as insurance companies, which means their shares can be traded privately.
UMR's capital is currently held by a number of shareholders, including French mutual insurance company MGEN, which owns a 70% stake.
According to Vaquier, the fact that MGEN – a mandatory health insurance scheme for teachers – held the majority stake was "in line" with UMR's activities, as it mostly manages pensions on behalf of teachers.
But he also confirmed that MGEN had recently decided to reduce its participation in UMR as it sought to refocus on its "core activities", such as complementary health insurance.
Vaquier said UMR was now looking for a new majority stakeholder and would take the opportunity to strengthen its capital base.
He added that the new majority stakeholder could take the form of either a French insurance company or a foreign pension fund.
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