Despite the plunge in equity values in recent months, six fund managers have stepped up to take on the market in the latest Rehab Great Investment Race.
Each of the six, all well-known names in the Irish fund management business, has been armed with a cheque for €100,000. Their task is to pit their wits against the market and grow those funds in a bid to make money for the Rehab Group.
Launching the race last Monday, sports presenter Ms Tracey Piggott said this year's starting environment looked like heavy going and the teams would be carrying hefty weight penalties.
But, on a positive note, she pointed out that going into stock markets at the current low levels could yet be to the advantage of the teams.
There are two new entrants to this year's race, KBC Asset Management (KBCAM) and Montgomery Oppenheim.
KBCAM, which took over Ulster Bank Investment Managers two years ago, is the fourth-largest fund manager in the Republic.
Owned by Belgium's KBC Bank, it has funds under management of around €7 billion in the Republic, while the group as a whole manages some €70 billion of funds.
Montgomery Oppenheim, one of the top pension fund performers of recent years, should also prove a strong contender.
Best known to the public for managing the Summit funds offered by EBS Building Society, it has €800 million under management in the Republic, the bulk of it corporate pensions funds.
Meanwhile, four of last year's participants will line out again in the race, which starts on Monday.
They include last year's winner, Hibernian Investment Managers, which is limbering up to defend its title.
The Hibernian team came very close to doubling its money in last year's race, eventually delivering an 88 per cent return over the course of a year when most markets recorded sharp losses.
Their performance helped secure an overall return of 22 per cent for Rehab in conditions some participants said were the toughest they had ever encountered.
Bank of Ireland Asset Management, last year's runners-up, are set to have another crack at the top slot, along with Irish Life and Setanta, the asset management arm of Canada Life.
Given the high levels of market volatility, many of the fund managers are still considering how best to invest their funds.
The initial €600,000 investment fund has again been put up by Atlantic Philanthropies this year. A private foundation set up by multi-billionaire businessman Mr Chuck Feeney, it has been the single most generous benefactor of good causes in Ireland over the past decade, providing $548 million (€555.8 million) to the Republic of Ireland and $154 million to Northern Ireland.
The basic rules of the competition remain the same as last year. The only criterion is that each investment must be available to private investors through a broker in a recognised stock exchange in any country in western Europe, the US, Japan, Hong Kong or Australia.
The race, which will finish in October 2003, will be officially monitored by Mercer and audited by PricewaterhouseCoopers
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