Asset managers will have the chance to get billions of euros in mandates in the next few months for the €36bn Fonds de Réserve pour les Retraites (FRR), the French reserve pension fund, after the French parliament last week passed a law to use its assets to pay off the debts of France’s welfare system.

The assets have been transferred into the state's social debt sinking fund Cades. The FRR will continue to control the assets, but as a third-party manager on behalf of Cades.