Portugal' s Instituto de Gestao de Fundos de Capitalizacao da Seguranca Social - the EUR3.2bn pensions reserve fund - may be outsourcing 20% of its assets by the year end.
Presently the Lisbon-based fund is managed in-house, and is restricted to maximum investments rates of up to 50% in Portuguese public debt, 30% in real estate, 20% in equity and 49% in fixed income. The fund is not allowed to take any currency risk.
Head of investments at the fund - which was set up in 1989 - Pedro Barroso added that any mandates are likely to be issued for European equity or fixed income.
The fund is also tendering for a custodian to oversee international securities. It is likely that the chosen candidate will also manage the new mandates.
The fund is expected to be worth up to EUR3.7bn by the end of 2001.
William M Mercer is advising the fund.
By Madhu Kalia
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