I hear that the former finance director with the Irish Dairy Board (IDB) Cathal Fitzgerald is to take up a lofty position with the National Pension Reserve Fund.

Fitzgerald, who served as group finance head with the IDB between 2004 and 2012, is understood to be heading up an agriculture portfolio within the State’s strategic investment arm. He had been involved in setting up a new consultancy, Agri Food Business Partners, with some other ex-IDB colleagues.

The expansion of the dairy sector would seem to be an obvious avenue for Fitzgerald to look at, but with so many driers already built or currently under development by co-ops, it is difficult to see where the low-hanging fruit is for him to pick in terms of investments.

The Pension Reserve Fund has a total fund of approximately €16bn.