IRELAND - Ireland's National Treasury Management Agency has completed the outsourcing of its EUR8bn National Pensions Reserve Fund (NPRF) with the appointment of seven fund managers.
The new appointments - a mixture of US, European and one Japanese firm - will collectively run approximately EUR2bn for the NPRF. US value manager Lord, Abbett & Co has been awarded a EUR410m North American value equities mandate, whilst Goldman Sachs will run the same amount in North American growth equities.
Invesco, part of the the Anglo-American Amvescap asset management group, will run EUR420m for the NPRF in North American enhanced index equities. JP Morgan Fleming Asset Management, the last of the US-based managers to be hired, will run EUR125m in Japanese equities for the fund.
The NTMA’s second Japanese equities mandate appointment is Tokyo-based Daiwa SB Investments. Daiwa will have an identical brief to JP Morgan’s, running EUR125m in Japanese equities for the fund.
Schroder Investment Management and Irish Life Investment Managers will run EUR93m in Pacific Basin ex-Japan equities and EUR420m in long Eurozone bonds, respectively.
Frank Russell assisted the fund with the selection of fund managers.
The new hires brings an end to the NTMA’s search for fund managers, a search that began in July last year. The NTMA received more than 600 applications from 200 fund managers.
By Geoffrey Ho
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