French reserve fund to select overlay manager by end of month

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FRANCE - The eur16bn French pensions reserve fund, FRR (Fonds de Réserve pour les Retraites) will select an overlay manager to advise on tactical asset allocation and currency exposure by the end of the month, officials said.

“It is true that 24% of our assets are non-euro denominated,” said Francis Mayer, the president of FRR’s executive board. “Therefore our consultants have advised us that we should cover this exposu...

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