Fonds de Réserve pour les Retraites (FRR), the €13bn ($13.9bn) pensions reserve fund created in 2001 to top up the shortfall in France's pay-as-you go system, has appointed Jean-Louis Nakamura as finance director.

Nakamura, who replaces Henri Ghosn, has spent the past few years at the French ministry of finance. He is a graduate of the Ecole Nationale d'Administration, the elite postgraduate school for French administrators.