Award for ESB Pension Fund

The investment strategy being pursued by the trustees of the ESB Pension Fund has been endorsed by the IPE judges (Investment and Pensions in Europe) with the 2006 award for the best use of real estate by an Irish pension fund. Investing in property is a key element of the trustees' investment strategy, providing good long-term returns and helping to reduce Fund volatility.

The judges highlighted the Fund's success in developing a diversified property portfolio in an innovative way compared with other funds: "In addition to making a significant strategic allocation to property in order to spread risk within the overall fund, the trustees have also adopted a policy of diversification within the property component itself. Part of the aim is to balance exposure to the fund's domestic market. Besides Ireland, therefore, real estate investments are spread across the rest of the Eurozone and the UK. This is consistent with the fund's overall approach; its other investments are highly diversified across the Eurozone, as well as globally."

Commenting on the award, Bríd Horan, Group Pensions Manager, said it reflects positively on the trustees' carefully developed investment strategy and on the property portfolio selected by them, with the assistance of our Investment Advisor, Richard Hayden.