LUXEMBOURG - The Fonds de Compensation commun au regime general de pension (FDC) has appointed 18 managers for a total of €3.8bn.
The fund, with assets in excess of €4bn, was created in 2004 to hold Luxembourg's excess pension revenues.
It has now appointed its first managers for the entire portfolio which is invested in bonds, equities and money market funds.
A tender for the manager of a €140m passive European equity mandate will have to be renewed as only one fund manager was interested in the lot.
The list of all appointed managers and details of the mandates, as well as those companies appointed as "reserve managers" and who may yet be allocated money at a later point in time, is:
Euro-denominated bonds
AGF Asset Management, Paris (€300m)
BNP Paribas Asset Management, Paris (€300m)
Société Générale Asset Management, Paris (€300m)
Deutsche Asset Management International, Frankfurt (reserve)
Global bonds
Aberdeen Asset Managers, London (€150m)
Franklin Templeton Investment Management, London (€150m)
Schroder Investment Management, London (reserve)
European equities (active)
Degroof Institutional Asset Management, Brussels (€35m)
Dexia Asset Management Luxembourg (€35m)
Petercam Institutional Asset Management, Brussels (reserve)
Global equities (passive)
State Street Banque, Paris (€280m)
Global equities (active)
Insight Investment Management, London (€70m)
Invesco Asset Management Deutschland, Frankfurt (€70m)
JP Morgan Asset Management, Luxembourg (reserve)
Money market funds (active)
AXA Investment Managers, Paris (€700m)
Crédit Agricole Asset Management (€700m)
Fortis Investments, Luxembourg (€700m)
UBS Global Asset Management, London (reserve)
Reserves of the schemes, which were previously managed internally, will be organised as a SICAV (Société d'investissement à capital variable) open-ended collective investment scheme.
The FDC comprises a 30-member general assembly and a 12-strong board of directors, which is assisted by an investment committee made up of six members.
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