Ireland's Isif Head Nick Ashmore Joins IMF; O'Connor to Succeed Him
Nick Ashmore, the current head of the Ireland Strategic Investment Fund (ISIF), is set to leave his post to join the International Monetary Fund (IMF) in Washington. His departure comes as the fund's assets under management reached €16.6 billion at the end of 2022.
Ashmore's successor at ISIF has been announced as Ruairí O’Connor, who will take up the position on October 4, 2025. Meanwhile, June Butler, who was set to replace Ashmore at SBCI, has resigned to rejoin Bank of Ireland as head of corporate and SME banking.
ISIF's portfolio is diverse, including a €5 billion global investment pot and a €3.9 billion Irish impact portfolio. The fund's directed portfolio, valued at €7.7 billion, consists mainly of cash, cash equivalents, and commitments to SBCI and HBFI. Despite a €5 million payout to fraudsters in July 2023, ISIF managed to recover €1.52 million.
The fund has delivered an average annual return of 3.4% in its first 10 years. The Government is also establishing two new sovereign wealth funds, Future Ireland Funds, with combined assets expected to exceed €16 billion by the end of 2025.
Nick Ashmore's departure from ISIF is scheduled for the first quarter of 2026. His successor, Ruairí O’Connor, will take over on October 4, 2025. Despite a recent setback with fraudulent activity, ISIF continues to grow and deliver steady returns, contributing to Ireland's economic growth.
