France’s ERAFP public sector pension scheme has awarded mandates worth €4.6 billion to seven active investment managers.
The socially responsible investment (SRI) mandates are invested in Eurozone and wider European equity markets.
Additionally, nine ‘stand-by’ mandates have been awarded to other managers.
The winning managers and their mandates are:
- Amundi for low carbon index-based euro-zone mid- and large-cap equities with a standby mandate for Theam;
- Allianz Global Investors, EDRAM and Mirova for non-benchmarked euro-zone mid- and large-cap equities, with stand-by mandates for Sycomore Asset Management and Ofi Asset Management;
- Axa Investment Managers for non-benchmarked euro-zone mid- and large-cap equities, with stand-by mandates for CPR Asset Management and Mandarine Gestion.
- BFT Investment Managers and Montanaro Asset Management for non-benchmarked European small-cap equities with stand-by mandates to Kempen Capital Management and La Financière de l’Echiquier;
- Candriam for non-benchmarked European mid- and large-cap equities with stand-by mandates to NN Investment Partners and Comgest;
The non-benchmarked mandates will be managed with fundamental approaches to stock picking and the managers are expected to have ongoing dialogue with company management.
The mandates’ initial length will be six years.
ERAFP, which has over €26 billion in assets, took the decision in 2005 to implement an SRI investment policy across all its investments. Earlier this year it appointed analysts to monitor its portfolio’s climate risk.
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