Nordea Asset Management has been tasked with managing a decarbonisation-focused global equity mandate with a target of €800m on behalf of one of the largest French pension plans, Ircantec.
Ircantec is a French complementary pension scheme that manages pensions for non-permanent employees of the French government, local authorities and public institutions, with more than €17bn invested in financial markets. In terms of day-to-day management, Caisse des Dépôts et Consignations, the French state long-term investment and economic development institution, acts as fiduciary manager of the scheme and selects 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.
The mandate is a customised active global equity solution based on Nordea’s BetaPlus Responsible Enhanced Equities strategies. To support Ircantec in achieving its 7% annual CO2 reduction target, the strategy uses Nordea’s proprietary decarbonisation tools designed to track companies’ progress toward net zero.
Nordea’s multi-assets team will manage the mandate, working closely with its responsible investments team to assess companies based on their contributions to sustainability.
Christophe Girondel (pictured), global head of institutional and wholesale distribution at Nordea, 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.”
