French public pension fund Ircantec has selected Nordea Asset Management (AM), in partnership with ODDO BHF AM, to manage a decarbonisation-focused global equity mandate with a target of €800m.

Ircantec is a French complementary pension scheme that manages pensions for non-permanent workers of the French government, local authorities and public institutions, with more than €17bn invested in financial markets.

The French state long-term investment and economic development institution, Caisse des Dépôts et Consignations, acts as fiduciary manager of the pension fund and chooses external asset managers to manage dedicated mandates.

The mandate is wrapped in a French-domiciled fund, which was launched in January 2025 and hosted by ODDO BHF AM.

It is a customised active global equity solution based on Nordea AM’s BetaPlus Responsible Enhanced Equities Strategies.

To support Ircantec in achieving its 7 per cent annual CO2 reduction target, the strategy uses Nordea AM’s proprietary decarbonisation tools to track companies’ progress towards net zero.

The mandate will be managed by Nordea AM’s Multi Assets team, which has been managing BetaPlus strategies for more than 15 years, with more than €60bn in AUM across 15 strategies.

Commenting on the announcement, Nordea AM global head of institutional and wholesale distribution, Christophe Girondel, said: “We are grateful for Ircantec's trust in our longstanding BetaPlus capabilities, and we look forward to helping them progress toward a low-carbon future.

“The opportunity to support Ircantec in reaching their decarbonisation target underscores our commitment to aligning climate objectives with investment performance.”

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