IRELAND- The Dublin Courts Service is looking for one or more fund managers to oversee four investment portfolios totalling e760m. The portfolios will include equities, property, bonds and cash, and the appointed manager(s) will provide four unitised funds with a pre-determined mix of these asset classes.

Totalling EUR760m, the appointment will be one of the largest placements of funds this year, although, explains chief clerk Paddy O’Neill: “as the funds are tied up in investments here and there, the new managers will not be presented with the entire EUR760m straightaway. Rather the fund will be added to in stages.”

It is expected that more than one manager will be chosen to ensure that each asset class is managed with maximum expertise. The invitation to tender states that equities and bonds are to be managed on a passive basis, whereas property and cash assets are to be run on an active basis.

Funds are currently tied up in various deposits, which, prior to this year, had been dealt with manually. Having made advances in the centralisation, auditing and computerisation of these funds, the Courts Service feels now is an appropriate time to organise the investments into defined portfolios which it believes will ensure better returns.

Mercer Investment Advisors were appointed to act as consultants earlier this year and an investment committee was formed accordingly.

O’Neill expects the appointment process to take some months. The closing date for responses is 9th October 2002.