IRELAND - The National Treasury Management Agency (NTMA) has appointed Barra International to provide a risk management system for the €19.4bn National Pension Reserve Fund.
A search was initiated in June 2008 on behalf of the NPRF Commission for a provider to deliver a preferably web-based risk management system that could be used in managing the fund. (See earlier IPE article: NPRF to adopt risk management system)
Following a tender process, the NTMA revealed it had appointed Barra International to the role, out of six tender submissions, based on a range of criteria including ease of integration and organisation, although 50% related to product suitability.
The appointment of MSCI Barra could also lead, according to the original tender notice, to the possible integration of risk measurement, performance measurement and attribution, compliance monitoring, and data management alongside the new risk system.
Latest figures from the NPRF showed an improvement in the value of the fund in the second quarter as it posted a positive return of 9.7% against a yield of -6.7% in the first three months of the year, bringing the fund value up to €19.4bn.
The appointment of a risk management provider coincides with a planned review of the NPRF's long-term investment strategy later in 2009, which the commission confirmed would consider the implications of the financial and economic crisis for the expected risk and return of various asset classes in which it might invest. (See earlier IPE article: Positive Q2 pushes NPRF above €19bn)
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