The National Treasury Management Agency has appointed four international asset managers to oversee Ireland's two sovereign wealth funds totalling €18.1 billion. Following a public procurement process, France's Amundi, US firms BlackRock and State Street, and Switzerland's UBS will provide investment management services for the Future Ireland Fund and the Infrastructure, Climate and Nature Fund.

RTE reported that the appointments follow last month's publication of long-term investment strategies for both funds, which will transition from interim arrangements on a phased basis.

The Future Ireland Fund, which has received Exchequer contributions of approximately €13.6 billion, serves as a long-term investment vehicle aimed at addressing future expenditure pressures from 2041. The Infrastructure, Climate and Nature Fund, with approximately €4.5 billion, functions as a countercyclical fund supporting State expenditure during economic shocks and designated environmental projects from 2026 to 2030.

The firms will provide passive investment management services, tracking major market indices aligned with each fund's benchmark. The NTMA selected multiple managers to achieve an appropriate level of diversification and to facilitate ongoing measurement and benchmarking of the investment performance by each firm.

Rebekah Brady, director of the Future Ireland Funds unit at the NTMA, said the asset managers will work on behalf of the funds to deliver our investment exposure as both funds gradually move into markets. She added: "This is an important mechanism for ensuring the funds are invested in a prudent and effective manner to deliver on their legislative mandates."

Initially, the Future Ireland Fund will allocate 80 per cent to equities and 20 per cent to bonds, whilst the Infrastructure, Climate and Nature Fund will maintain 100 per cent bond weighting before later diversifying.

Explore how Ireland's sovereign wealth funds are implementing long-term investment strategies through global asset management partnerships.