ERAFP awards three SRI convertible bond management mandates

Paris, 15 December 2025 – As part of the renewal of its mandates, l’Établissement de Retraite additionnelle de la Fonction publique (ERAFP) has just awarded three SRI management mandates for global convertible bonds.

In November 2024, ERAFP launched a tender process to award mandates to asset management firms for the active, non-benchmarked management of a global convertible bond portfolio. Following the selection process, the Institution decided to award two "active" mandates to Lombard Odier Funds and BNP Paribas Asset Management, and one "stand-by" mandate to M&G.

The portfolio managers will aim to outperform the benchmark index over the investment period. Portfolio construction will be based primarily on technical and fundamental analysis of each issuer and eligible financial instrument, with the goal of optimizing performance over the market cycle. 

This strategy will be implemented in compliance with ERAFP’s SRI provisions and will support the Institution in fulfilling the climate commitments it has made, notably within the framework of the Net-Zero Asset Owner Alliance (NZAOA).

For indicative purposes, the projected total value of the mandates is approximately €1 billion. One of the three awarded mandates is a "stand-by" mandate, meaning that ERAFP reserves the option to activate it, particularly for the purpose of risk diversification.

The initial term of the contract is four years, with the option for ERAFP to renew it for two successive one-year periods.