Fund managers prepare for battle

A race begins today between Ireland's top investment houses that will raise over ‚€100,000 for disability charity Rehab. The Rehab Great Investment Race has netted over ‚€500,000 since it began in 2001.

This year the charity investment contest has attraced six players: AIB Investment Managers, Bank of Ireland Asset Management, HIbernian Managers, Irish Life Investment Managers, Oppenheim Investment Managers and Setanta Asset Management.

All of the firms have participated in the race before but, as the competition enters its fourth year, the player to catch is Chris Reilly of Bank of Ireland Asset Management, who came out on top the past two years running.

Each of the investment firms is given ‚€100,000 and the profit from their investment goes to Rehab. In the past the investment money for the race was provided by a leading charitable foundation.

Frank Flannery, Rehab chief executive, described the managers' collective effort as 'a different kind of fundraising.' He pointed out that, by entering, the competitors are putting themselves through a very public test.

Mr Flannery reminded them, however, that their efforts have raised a very substantial sum for Rehab's autism services.