The Irish Courts Service has appointed Bank of Ireland Asset Management (BIAM) and State Street Global Advisors (SSgA) to manage €800 million. The Courts Service is responsible for funds on behalf of some 22,000 beneficiaries who may be wards of courts or minors. It is aiming to boost returns on the money it controls of behalf of such people.
BIAM and SSgA will together manage four portfolios of bonds, equities, cash and property. The joint venture between BIAM and SSgA commenced in September 2000, when SSgA was appointed by BIAM, alongside Barclays Global Investors, to provide its institutional clients with passive fund management with passive fund management services.
The Courts Service mandate is the second high-profile contract that BIAM and SSgA have won in the past 12 months, following on from the €1.1 billion mandate it won to passively manage Eurozone equities for the National Pension Fund of Ireland. |
