Stockholm (NordSIP) – Ten French institutional investors have announced they are looking for asset managers that can manage three new European climate strategies worth €500 million.
The institutional investors are the Caisse des Dépôts, EdF, Allianz France, Aviva France, Axa France, BNP Paribas Cardif, CNP Assurances, Macif, Maif and Société Générale Assurances. This initiative is supported by the Federation of French Insurance (FAA), the French Association of Financial Management (AFG), the French Institutional Investor Association (Af2i) and Finance for Tomorrow.
Two funds, worth €200 million each, will invest in European equities, while the other fund, worth €100 million, will invest in investment-grade European bonds. The ten asset owners are looking for asset managers that can integrate innovative methods of fighting global warming in financial management.
In particular, the French institutional investors are looking for strategies aligned with the goals of the 2015 Paris Agreement and with a high level of reporting and transparency.
The asset owners are making a three-year commitment to these funds and expect asset managers to provide a progress plan for those three years. The funds are targeted at other institutional investors.
Eligible asset managers are required to have at least €2 billion of assets under management. Applications are due on December 31st, 2019 and will be selected in two rounds. Following an assessment of all written applications, six or more finalists will move to the next round where the institutional managers expect to select three asset managers based on oral presentations.
Application documents can be downloaded from the AFG website for member asset managers. Asset managers that are registered with the French financial regulator – Autorité des Marchés Financiers (AMF) – but are not members of AFG can request application documents via the following email address: [email protected]. They will need to attach their AMF registration.