The National Pensions Reserve Fund (NPRF) has announced the winners of its manager tender competition which sought proposals to manage equities on a passive basis and to provide index plus solutions.
The fund, which was established in 2001 to supplement the current public pension system from 2025 until at least 2055, has allocated over €6 billion to passive equity mandates. The mandates will be managed by Bank of Ireland Asset Management/State Street Global Advisors and Barclays Global Investors, with each manager managing in the region of €3 billion of fund assets.
The NPRF will also invest a total of $750 million (€590m) in two index plus products benchmarked against the S&P 500 index, both with a three year commitment period, managed by the AIG Global Investment Group -$250 million (€197m), and Barclays Global Investors - $500 million (€394m).
Each product is designed to provide the NPRF with the total return on the S&P 500 at minimum, with upside based on a participation in designated trading strategies proprietary to each manager. |
