IRELAND - The e10.59bn National Pensions Reserve Fund postponed itsdecision on an investment in hedge funds, commodities and emerging markets at its last meeting.
The issue of hedge funds was considered and deferred, said RonanO'Connor (pictured), head of risk management, portfolio construction and assetallocation, NPRF. We are still looking at hedge funds, but we haven't made a specific allocation to the category as yet.
The Commission is, however, firming up its allocation to property and private equity and intends to roll out these investments, before considering other alternatives.
Ian Gleeson, formerly of F&C in the UK, has been appointed to manage the fund's property exposure and the Commission is coming to a conclusion on who will be appointed to head up the fund's private equity portfolio.
Tactical asset allocation is another area under consideration by the Commission, although no decision has yet been made on future investments in this area.
Because the fund isn't fully invested, we're not proposing to use a tactical asset allocator, said O'Connor. We would use one when the fund gets to 100% invested.
The Commission next meets in mid December.
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