The pension reserve fund of the Mu-nich-based European Patent Office, an international organisation comprising 18 member states, is hiring a portfolio manager as part of a move out of direct property investments in-to an increased equity allocation.

Explaining the move, Silvi o Vecchi the managing director of the DM2.4bn ($1.2bn) fund says: The shift came as a result of an optimisation study combined with a decision not to have direct investment in real estate. The size of the fund has in-creased significantly in the recent past and we are now essentially focusing on securities.""