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.

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