IRELAND – The €1.2bn pension fund of the Irish state public transport company, Coras Iompair Eireann (CIE) has appointed Irish Life, Capital International and Bank Of Ireland Asset Management to each run a €400m global balanced mandate.

Irish Life will run its mandate on a passive basis whilst Capital and BIAM will run active mandates. No other details are available except that the appointments are expected to last between three and five years.

The fund had originally intended to split the fund, that was formerly run exclusively by AIB Investment Managers, into two €600m mandates but decided to split it three ways on the strength of the presentations it viewed during a series of beauty parades.

The CIE pension fund currently has 8,300 members, 6,000 pensioners and 590 deferred pensioners.