France’s ERAFP taps Amundi for multi-asset fund of funds SRI mandate

BNP Paribas and ABN Amro’s Neuflize get stand-by briefs

ERAFP, the €14bn Paris-based French Public Service Additional Pension Scheme – a 100% SRI pension fund – has awarded three multi-asset fund of funds mandates.

The active brief has gone to France-based Amundi, the asset management venture of Société Générale and Crédit Agricole. BNP Paribas Asset Management and ABN Amro subsidiary Neuflize OBC Investissements will be the stand-by managers.

The appointments follow a tender issued in July last year. Last month the fund awarded a 10-year contract to AEW Europe SGP for a €310m real estate mandate, adding to an existing property brief won by AEW in November 2011.The 4.6m-beneficiary ERAFP, founded in 2005, is one of Europe’s leading SRI institutional investors, having adopted an SRI ‘charter’ in 2006 based on five fundamental values.

The appointees will follow a fundamental approach and won’t be tied to a benchmark – building a portfolio in compliance with ERAFP’s SRI requirements.

ERAFP said: “By way of indication, the amounts invested over a one-year horizon could be around €150m, rising to around €300m over a three-year horizon.”

The initial term of the contract is four years, which may be extended for up to four years.