NYPD fund for Dublin firm

FOR the first time in its history, part of the New York City Police pension fund has been invested outside of the United States.

A Dublin-based firm has been selected by the Superior Officers Council City of New York Police Pension Fund to manage part the overall fund.

KBC Asset Management’s (KBCAM) international team has been given an initial tranche of $8 million (€6.2m) to manage as part of its high dividend fund and it marks the first time that this NYPD fund has invested monies overseas.

In recent years the bank’s international investment team in Dublin have been specialising in high dividend and international equity products.

It has global expertise in environmental investments through its eco fund.

In 2004 the group established a New York office and has built up US assets of close to $100m (€77.9m).

Commenting on the mandate from the NYPD, KBCAM chief executive Sean Hawkshaw said that while the amount of $8m was modest, it represented a vote of confidence in the group’s investment team.

“We are delighted to have won such a high profile mandate as it vindicates the group’s global strategy of building up centres of investment excellence in various locations around Europe,” he said.

“The level of interest that was shown during a recent series of presentations in the States left me very confident that we will be securing a number of new mandates over the coming months,” he said.