Management costs at France's €27.7bn ($35.4bn) state pension fund, Le Fonds de Réserve pour les Retraites, more than tripled last year to €60m.

In its latest annual report, the organisation revealed that spending in 2005 dwarfed the €17.7m it paid in 2004. Fees paid to asset managers rose from €4.8m in 2004 to €37.2m as the fund began to reach full investment. It said 80% of its assets had been transferred to managers and 20% remained in cash. The fund's custody and administration costs jumped from €4.7m to €13.3m.