Pierre-Olivier Billard is the new chief investment officer of France’s pension reserve fund, Fonds de réserve pour les retraites (FRR).

Billard moves to the CIO role after more than 10 years of being in charge of strategic asset allocation for FRR. Cyrille Henry-Bonniot has replaced him as head of the asset allocation department.

Billard’s appointment concludes a changing of the guards at the pension fund.

He replaces Salwa Boussoukaya-Nasr, who had been CIO for more than 10 years before being appointed to the executive board a few months ago following Olivier Rousseau’s departure.

Yves Chevalier, who was executive director for many years alongside Rousseau, left FRR last year and was replaced by Adrien Perret, who was previously in the French Treasury for many years.

FRR recently gained permission to invest beyond 2033, when its last scheduled liability is due. It has seized on its longer-term horizon to increase its allocation to equities, scaling back investment-grade bonds by the same magnitude.

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Susanna is deputy news editor at IPE. At IPE she covers responsible investment and EU regulation, but also enjoys reporting on developments in and around the UK pensions industry. Having been a financial journalist since 2008, Susanna started her career as a corporate governance/corporate social responsibility analyst at proxy advisory firm PIRC.View full Profile

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