IRELAND - The Eircom Superannuation Fund is shortly to implement asecurities lending programme in order to enhance its income.
The programme, which will start in October, will be implemented through the fund's global custodian Northern Trust.
All of the portfolio will be up for lending on a phased basis over the next six months, said Gerry Ryan, group secretary of Eircom.
There is no intention to confine it to part of the portfolio. Part of the portfolio won't be lendable anyway. We would hope to earn something like e1.3m in the first year.
The fund already has in place a commission recapture programme to boost its income.
The Eircom Superannuation Fund, worth around e2bn, is one of the largest in Ireland. The fund is currently conducting a review of its investment strategy which includes consideration of the use of specialist managers and alternative assets.
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