Ireland's National Pensions Reserve Fund appointed five managers to run two new strategies, a €590 million ($750 million) enhanced index portfolio benchmarked to the S&P 500 and a €190 million active currency mandate invested across three pooled funds, confirmed Adrian O'Donovan, spokesman for the €16.3 billion fund. AIG Global Investment and Barclays Global Investors will manage €197 million and €394 million, respectively, in the enhanced index strategy. Goldman Sachs Asset Management, JPMorgan Asset Management and Mellon Capital Management will run the active currency mandate; the breakdown for each manager was not available at press time. Funding came from passive equities. "This is a redistribution of our passive strategy," Mr. O'Donovan said.
In addition, the contracts for three existing passive equity managers - Bank of Ireland Asset Management, State Street Global Advisors and BGI - were modified to allow for more flexibility, Mr. O'Donovan said. Under the new terms, the three firms will have the ability to invest in more indexes, he said; further information was not immediate available. BGI currently manages €3 billion in indexed equities, and BIAM and SSgA run a total of €3 billion.