A public fund set up in 2004 to hold Luxembourg's excess pension reserves has appointed 13 managers to mandates together worth almost €3.8bn ($5.1bn), following a tender process launched in September.

Luxembourg's Fonds de compensation commun au régime général de pension, also known as FDC, appointed five fixed income managers, five equity managers, and three money-market managers. Money market funds invest in short-term debt instruments.