IRELAND- Ireland’s transport workers’ pension fund Coras Iompais Eirann (CIE) is reviewing its investment manager set up and has tendered for managers to run its entire asset pool of €1.2bn.

AIB investment managers 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 that he says mean they have to re-tender their assets 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 €700m scheme that staff make contributions to and an additional €500m scheme. It has 8,300 members, 6,000 pensioners and 590 deferred pensioners.