IRELAND: AIB Investment Managers (AIBIM), the asset management division of embattled Allied Irish Bank (AIB), is set to lose at least EUR740m in mandates from the transport operator Coras Iompair Eirann's (CIE) pension scheme.
Currently, AIBIM is the EUR1.2bn CIE pension fund’s sole investment manager. However, that is set to change since CIE’s trustees are due to meet shortly to appoint three additional managers to run the EUR1.11bn up for tender, said Frank Crumlish, chairman of the fund.
CIE will hire one active and two passive managers, added Crumlish, each receiving EUR370m in balanced mandates. AIBIM could still retain part of its existing mandate, as it was invited to apply for one of the mandates on offer. Crumlish declined to reveal further details.
The remaining EUR90m of the fund is invested in Irish real estate unit trusts.
CIE’s move to a three manager structure is the direct result of an asset allocation study carried out by the scheme in August. Crumlish stressed that the impending removal of mandates from AIBIM is not a consequence of the current scandal surrounding AIB’s US subsidiary, Allfirst .
The scheme is advised by David Hagger of Delany Bacon & Woodrow.
By Geoffrey Ho
The Pensions Regulator (TPR) has seconded staff from other national watchdogs as it rolls out the master trust authorisation and supervision regime, Lesley Titcomb has revealed.
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have outlined plans to better understand the consumer pensions journey as they launch their joint strategy.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.