IRELAND- Ireland’s National Treasury Management Agency (NTMA) has announced a further five managers to help run part of the e8bn National Pensions Reserve Fund. It has appointed Capital International and Dresdner RCM Global Investors to run two e420m global equity mandates. In addition, Bank of Ireland Asset Management, Blackrock International and Putnam Investment have each picked up a e350m pan European equity mandate.

The announcement means that e6bn, or three quarters of the fund’s assets, now has investment managers. In January the agency appointed Barclays Global Investors to manage a total of e1.8bn in Eurozone and North American passive equities as well as Bank of Ireland Asset Management and State Street global Advisors to run a e1.1bn Eurozone passive equities mandate between them.

There are a further seven mandates requiring managers. Among them are a e400m US equity enhanced index portfolio, a e340m US equity active growth portfolio, one e340m US equity active value portfolio, one (possibly two) Japanese equity active portfolio(s) worth a total e340m, one pacific basin ex-Japan equity active portfolio worth e100m and one eurozone long band active portfolio valued at e400m. The NTMA has chosen to manage a e1.1bn passive eurozone bond portfolio and it will make an announcement shortly on the remaining vacancies.

Last July the NTMA, the overall manager of the fund, issued a RFP and received 600 applications from around 200 institutional investment managers during the first round of selection.



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