IRELAND - Gerry Ryan, the chairman of the Irish Association of Pension Funds, has left his position as pension fund administrator at Dublin-based corporate pension fund Eircom.

He has been replaced at the telecoms firm by Kevin Conlan, formerly superannuation manager. Ryan has become company secretary of Co. Kildare-based peat supply group Bord na Móna.

Ryan took over at the IAPF from John Feely when his term of office ended. Joe Byrne, group actuary at Coyle Hamilton and IAPF vice chairman, will take over from Ryan in May.

Irish group pension managed funds achieved an average return of 1.1% in February.

“For Irish pension funds however the most significant development occurred on the last day of the month,” said Fiona Daly, head of investment consulting at Heissmann Consultants. That was when pharmaceutical company Elan shares fell 68% when it withdrew its multiple sclerosis drug Tysabri.

“Although this had little impact on global stock markets, the situation for Irish pension funds was more serious.”

She said almost all investment managers of Irish pension funds have some exposure to the stock.