On the same theme, Irish Life Investment Managers has introduced a Eurozone Equity Fund for corporate pension fund investments. The fund is being set up to reflect the switch in investment focus from the domestic market to the European markets following the introduction of the euro.

It is designed as an indexed fund which will track the Dow Jones Euro Stock Index which measures the performance of equities in the Eurozone area. It will include 324 stocks, allowing a very wide spread across industry sectors and stocks.

The fund is available to corporate pension fund investors. The group is also considering a range of euro funds for its retail clients.