Ircantec, the €5.9bn French public pension fund, has announced that it has awarded a series of environmental, social and governance (ESG) mandates to a total of seven asset management firms in 10 different mandates.
The fund – the “Institution de retraite complémentaire des agents non titulaires de l’État et des collectivités publiques” (supplementary pension institution of non-permanent staff of the State and public authorities) – first tendered the mandates in December 2010. (Responsible Investor coverage).
The Paris-based institution, which is housed within France’s Caisse des Dépôts, the French quasi treasury fund, is restructuring its investment mandates so it can meet its ESG charter.
Phase one of the process garnered a total of 61 mandate applications from 35 different asset managers. Now has announced the results of the process, which took place in four lots.For the first, two equity mandates worth €500m each have been awarded to Allianz Global Investors and Edmond de Rothschild. The latter became a signatory to the UN-backed Principles for Responsible Investment earlier this month.
The second comprises three corporate bond mandates worth €800m each – which have gone to Amundi, Dexia and Natixis.
The third lot includes three diversified asset mandates worth €700m a piece. They have gone to Allianz GI, BNP Paribas Asset Management and CPR Asset Management.
The fourth lot, comprising two inflation-linked bonds mandates of €400m each, has been awarded to BNP Paribas and Natixis.
Ircantec was assisted by Paris-based consulting firm Cedrus Partners; it previously awarded an ESG research contract to Vigeo.