France's FRR appoints two management firms to manage cash-flow mandates

The board of France’s Fonds de Réserve pour les Retraites (FRR) has appointed AXA Investment Managers (AXA IM) Paris and Ostrum Asset Management to manage up to two mandates aimed at generating cash flows to match its liabilities.

The contract, spanning six years with a possible one-year extension, involves an average indicative amount of €1.4bn and will primarily involve investments in French state securities, such as French Assimilable Treasury Bonds (OAT) and Treasury Bills.

The FRR said both French management companies demonstrated, through “robust and proven” investment processes, their ability to leverage the mandate’s flexibility to create value for the FRR.

AXA IM was reselected after previously managing a backing management mandate under the former contract.

The FRR said it is “pleased” with the quality of the applications received for this contract and thanked all the companies that applied.

This selection follows a restricted call for tenders to select investment service providers in May 2025.



Share Story:

Recent Stories


Podcast: Stepping up to the challenge
In the latest European Pensions podcast, Natalie Tuck talks to PensionsEurope chair, Jerry Moriarty, about his new role and the European pension policy agenda

Podcast: The benefits of private equity in pension fund portfolios
The outbreak of the Covid-19 pandemic, in which stock markets have seen increased volatility, combined with global low interest rates has led to alternative asset classes rising in popularity. Private equity is one of the top runners in this category, and for good reason.

In this podcast, Munich Private Equity Partners Managing Director, Christopher Bär, chats to European Pensions Editor, Natalie Tuck, about the benefits private equity investments can bring to pension fund portfolios and the best approach to take.

Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows