The Irish National Treasury Management Agency, the investment management supervisory body for the country’s e7bn National Pensions Reserve Fund, says it has received around 600 expressions of interest for the huge raft of mandates totalling e6bn in assets that it put out to tender last month.
John Corrigan, a director at the NTMA in Dublin, comments: “We’re still cleaning the data, but we got in around 600 applications for the mandates.”
The NTMA’s initial manager trawl was run through an electronic tender process using a hybrid version of the IPE-Quest on-line manager search software.
“Given the volume of applications we expected and got, the IPE-Quest/NTMA system has helped manage a process that otherwise would have been very labour intensive.”
Corrigan says he hopes the NTMA will have finished stage one of the manager filtration process around the first week of September.
Stage two consists of the sending out of detailed RFPs for submission by managers.
Corrigan notes: “The RFPs will be going out in September to the successful managers which have made the cut.
Depending on the number of applicants for each mandate, the RFP requests will be sent to no less than five managers and no more than 20.
Asset managers will have roughly four to five weeks to complete the RFP. The NTMA will then draw up shortlists of between three and five managers.
“We’re looking at early October for this and then we are targeting early November for a decision, which is what we said all along and we’re broadly on target for that,” explains Corrigan.

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