FRANCE - Jean-Louis Nakamura is leaving the Fonds de Reserve (FRR) pension fund to head up the French civil service pension fund.

Nakamura has resigned his role as chief investment officer at FRR, France's largest pension fund with €33.4bn in assets under management, to become chief executive officer of the Etablissement de Retraite Additionnnelle de la Fonction Publique (ERAFP), the defined contribution mandatory supplementary pension scheme for French public servants.

Nakamura has been CIO of FRR since February 2003 but will now replace Philippe Caïla who last month announced he was stepping down as director of ERAFP.

Caïla left ERAFP to become President Nicolas Sarkozy's deputy chief of staff with specific responsibility for the civil service in the private office of Eric Woerth, minister in charge of the budget, public accounts and civil service.

ERAFP is the second-largest pension scheme, with €3bn in assets in 2006 and serving 4.6 million civil servants. The scheme is also funded, unlike most other French pension vehicles which are principally Pay-As-You-Go (PAYG), and chooses to invest all of its assets according to SRI principles.

And since its first assets were invested in 2004, FRR has achieved annualized net performance of 10.8% according to its latest returns to June 30 2007.

No-one was available for comment at FRR at the time of publication.

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