The €10.2 billion French pension fund UMR is looking for an investor to take a majority stake in the scheme, and is likely to name a new permanent chief executive only once this shareholder is found.
Charles Vaquier, acting chief executive at the fund, said that UMR was likely to appoint a permanent chief executive in August once a new investor interested in taking a majority stake in the scheme was found. Under French law, pension funds are regulated as insurance companies, which means their shares can be traded privately.
UMR's capital is currently held by a number of shareholders, including French mutual insurance company MGEN, which owns a 70 per cent stake. Vaquier confirmed that MGEN had recently decided to reduce its participation in UMR as it sought to refocus on its "core activities", such as complementary health insurance.
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