France's Fonds de Réserve pour les Retraites has eliminated two thirds of tenders for mandates to manage its €16.6bn of funds at the end of the first selection round.

The fund, set up by the government to fill part of the country's pensions shortfall expected between 2020 and 2030 as a result of unfavourable demographics, has retained 137 of the 410 bids for mandates.