Irish Life Investment Managers (ILIM) has won a prestigious international mandate to manage the pension fund assets of the European Central Bank (ECB).
The Irish group will take over the day-to-day control of assets thought to be worth in the region of €200 million at the beginning of next month.
Irish Life Investment Managers chief executive Gerry Keenan said the company's expertise in indexation and its consistent performance in recent years had helped it win the contract.
A spokesman for Irish Life said its recent record, which has seen it rise to rank second among Europe's major fund managers in global equity performance over the last three years, had attracted a lot of attention across continental Europe.
"The success of the group has seen it approached on several occasions by consultants acting for different European countries," Mr Keenan said.
Irish Life's recent success has been built upon its Consensus Fund, which has grown to become the largest Irish fund over the last decade and has turned in consistently good results. Around €6 billion is now invested in this fund.
In its new role, Irish Life Investment Managers will be responsible for managing the pension fund assets of the bank's 1,500-plus staff.
It is understood the ECB previously managed its pension fund on an internal basis.
Irish Life, a subsidiary of Irish Life & Permanent, currently has around €26 billion under management, more than half of it on behalf of pension funds.
