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Irish scheme tenders entire e1.2bn fund

The pension fund of Ireland’s state-owned transport group Coras Iompair Eireann (CIE) is reviewing its investment manager arrangements and has tendered for managers to run its entire asset pool of e1.2bn.
AIB Investment Management has overseen the funds’ assets since 1994 but according to chairman of the CIE pension funds Frank Crumlish, the review is a consequence of the government’s public procurement requirements, which mean they have to re-tender their management arrangements every few years.
The fund has tendered for both active and passive investment mandates and the breakdown of the final asset mix will be 75% global equity, 25% Euro-zone bonds.
It has been reported that the fund is looking specifically for managers to handle a e600m active global balanced mandate and a e600m passive global balanced brief but Crumlish says the eventual mandates will depend on the kind of submissions received from various investment managers.
Crumlish expects AIB to put itself forward for the mandates but AIB refused to comment either way on the grounds of client confidentiality.
Those appointed will manage the assets for between three and five years. The fund says it will shortlist four managers for each mandate and a final announcement is due in around six weeks.
CIE’s pension arrangements comprise a e700m scheme that staff make contributions to and an additional e500m scheme. It has 8,300 members, 6,000 pensioners and 590 deferred pensioners.

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