France

FRANCE - The Fonds de Réserve pour les Retraites (FRR) gained 2.6% during the first quarter, according to estimated and unaudited data supplied by the fund.

FRANCE - The Fonds de réserve pour les retraites (FRR) has appointed Philippe Aurain as chief investment officer.

EUROPE/FRANCE - The European Commission has told France to change tax rules that penalise foreign pension and investment funds.

FRANCE - President Nicolas Sarkozy has announced that negotiations on pension reform will start in April in a bid to rein in France's ballooning pension deficit.

FRANCE - Investment returns at the Fonds de Réserve pour les Retraites (FRR) are up 15% for 2009 on the back of the strong rebound in the equity markets.

FRANCE - The Fonds de Réserve pour les Retraites (FRR) has selected Goldman Sachs International and Russell Implementation Services as transition managers.

FRANCE - France's reserve fund the Fonds de Réserve (FRR) pour les Retraites has terminated Dexia Asset Management from a socially responsible investment (SRI) mandate due to poor performance.

FRANCE - The Fonds de Réserve pour les Retraites has hired five managers to run a total of around €1.5bn (US$2.1bn) in fixed income mandates.

FRANCE - The Fonds de Réserve pour les Retraites has hired six managers to run a combined €1bn (US$1.5bn) in investment grade credit dominated in euros.

FRANCE - Investment returns are becoming dominated by the emerging markets, Mercer said.