French pension fund ERAFP has awarded a multi-asset fund of funds mandate to Amundi, one of Europe's largest asset management groups.
This is the first move by the French institutional investor, which currently has around €14 billion in assets, to include a multi-management structure in its asset allocation process.
The tender for the SRI-driven multi-asset fund of funds mandate was originally launched in July 2012 and the French investor aims to invest around €150 million over a one-year horizon, rising to €300 million over three years.
French giant Amundi, whose assets under management total over €727 billion, has been selected to run ERAFP's active mandate while BNP Paribas and Neuflize OBC Investissements will be the mandate's stand-by managers.
The initial term of the contract is four years, which may be extended at ERAFP's option for two successive periods of two years each.
The French pension fund's head of SRI, Olivier Bonnet (pictured), featured in Citywire Global's responsible investor feature in March where he called for shareholders to have more power to vote on top executives pay packages