IRELAND – US-based BlackRock has lost its pan-European active equity mandate at the National Treasury Management Agency, which runs the eight billion-euro Irish National Pension Reserve Fund.

A comparison between the NTMA’s previous roster of managers with the current managers now listed on the NTMA’s website reveals that BlackRock has been removed.

Deborah Reidy, head of investment manager selection at the NTMA, confirmed the move but declined to comment further.

A spokesman for BlackRock in New York declined to comment, saying the firm does not comment on client matters. Allan McKenzie, managing director of Edinburgh-based BlackRock International, could not be reached for comment.

Last week the agency tendered four mandates worth a total of around 650 million euros on the IPE-Quest on behalf of the NPRF.

Reidy said at the time that the pan-European equities mandate was a replacement, though she did not disclose who was being replaced.

Meanwhile BlackRock has updated its earnings estimate for the third quarter, saying that its earnings in the period will be “in line with the consensus estimate of 0.60 dollars per diluted share”.