Central Bank hires Amundi to manage €240m equities portfolio

The Central Bank has hired French asset manager Amundi to manage a €240 million equities portfolio, the first time it has outsourced the management of part of its investments.

A spokeswoman for the bank said that the decision to “outsource in this instance was taken for operational reasons”. Amundi bought Dublin based KBI Global in 2016 and last year acquired Italian rival Pioneer, whose Irish operation is the largest asset manager in the State.

At the end of last year, the Central Bank had a total investment portfolio of €18.7 billion, having decreased in value by €300 million over the previous 12 months.

While Central Bank equities management contract was awarded to Amundi last year it has yet to commence. The regulator only considered firms that adhere to the United Nations-founded flagship responsible investment programme.

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"This is a tremendous boost to the mainstreaming of the responsible investment agenda within Ireland, "said Laura Hueston, director of sustainable finance at Sustainable Nation Ireland, an organisation set up last year that promotes the Republic as a hub for responsible investment.