NTMA announces seven managers for final e2bn
IRELAND- Ireland’s National Treasury Management Agency (NTMA) has announced the final seven managers to run the unallocated e2bn of the National Pensions Reserve Fund’s e8bn in assets.
Lord, Abbett & Co has been appointed to run a e410m portfolio of north American value equities. A similar-sized mandate for growth equities has gone to Goldman Sachs Asset Management.
Invesco Institutional has been appointed to run e420m in north American enhanced index equities while both Daiwa SB Investments and JP Morgan Fleming Asset Management have picked up Japanese equity mandates, each valued at e125m.
Schroder Investment Management (Singapore) has won a e93m Pacific basin (ex-Japan) equities mandate and the final fixed income mandate has gone to Irish Life Investment Managers who will oversee a e420m portfolio of long eurozone bonds.
The last tranche of appointments completes a ten month manager selection process that has seen the hiring of over a dozen investment managers, a custodian and a transition manager.
In March the NTMA appointed Capital International and Dresdner RCM Global Investors to run two e420m global equity mandates. In addition, Bank of Ireland Asset Management, Blackrock International and Putnam Investment each picked up a e350m pan European equity mandate.
In January the agency appointed Barclays Global Investors to manage a total of e1.8bn in Eurozone and North American passive equities as well as Bank of Ireland Asset Management and State Street global Advisors to run a e1.1bn Eurozone passive equities mandate between them.
The NTMA has chosen to manage a e1.1bn passive eurozone bond portfolio and it will make an announcement shortly on the remaining vacancies.
It March it also announces that ABN Amro Mellon would act as the reserve fund’s global custodian. ABN Amro Mellon will be responsible for basic custody including settlement and collecting dividends and interest payments.
Morgan Stanley International was named at the same time as transition manager for the fund. This is a short term assignment to oversee the transfer of e8bn in cash to the individual managers’ pre-specified portfolios.
Last July the NTMA, the overall manager of the fund, issued a RFP and received 600 applications from around 200 institutional investment managers during the first round of selection.