Pensions Reserve Fund to tender for managers for passive equity portfolio

THE National Pension Reserve Fund (NPRF) is to put out a tender for managers of its €6 billion passive equity portfolio.

The fund said it is not unhappy with the performance of the existing managers Bank of Ireland Asset Management/State Street Global Advisors and Barclays Global Investors but wants to improve the performance of its passive investment strategy.

NPRF chairman Paul Carty said that the return of the fund managers on the passive equity mandate is to simply match the gain on an individual stock market index. However, he now wants the fund managers to switch between active and passive investment strategies, which will deliver the best return for the Fund.