FRANCE - The €32bn French reserve fund (FRR) is looking for managers for a new French equity portfolio worth in excess of  €500m.

FRR will appoint two managers, one as a stand-by, to the newly created mandate.

Until now French equities were part of the Eurozone portfolio. However, following a review of its strategic asset allocation last year, the fund will reduce its current overweighting in European equities and create a wider international diversification.

To retain the relative share of French equities in the portfolio the board of directors decided to create a specialist mandate, the FRR told IPE.

To increase its international portfolio the fund will tender for active investment in US small caps over the coming weeks.

In the autumn the FRR will issue a tender for an investment in commodities via the passive replication of an index, as announced last year.

Interested managers have until noon (Paris time) 8 August to participate in the French equities tender.

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