IRELAND - The €18.8bn National Pension Reserve Fund (NPRF) in Ireland has chosen JP Morgan to provide it with accounting and administrative services for its property and private equity investments.
The National Treasury Management Agency (NTMA), which manages the NPRF, expects the portfolios to reach a value of €2bn by 2009, which equals an 8% target allocation.
Since 2005 the fund has been building up the portfolios doing all the management themselves. Last year, it tendered both for IT and administrative services hoping to find one provider for an integrated solution.
Indeed, one of the IT service providers chosen in February of this year was JP Morgan Private Equity Institutional Investor Services. It is going to provide the back-office IT services.
London-based Sungard Investran was appointed to provide front office IT services.
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