Rising interest rates in the US and the price of oil may form a challenging backdrop to the third Rehab Great Investment Race, which is under way.

Seven fund managers have lined out for this year's competition and each has been handed a cheque for €100,000 which they will invest over the coming year. Their progress will be monitored each month in The Irish Times.

Broadcaster Miriam O'Callaghan handed over the cheques at the launch this week, praising the fund managers for getting involved.

Rehab's chief executive, Mr Frank Flannery, said that the involvement of the fund managers was "slightly courageous", given that their performance in the race would include monthly league tables in The Irish Times.

Despite difficult market conditions, the first race, held two years ago, saw a profit of €130,000 on the €600,000 invested, while last year a profit of €240,000 was made. All of the proceeds from the event are used to provide services to people with disabilities.

This year there are seven teams, including two newcomers - Standard Life Investments and AIB Investment Managers. The others involved are Hibernian Investment Managers, Montgomery Oppenheim, Setanta Asset Management, Irish Life Investment Managers and Bank of Ireland Asset Management.

Bank of Ireland Asset Management came first last year, when it placed its €100,000 in McInerney shares for most of the race.

Mercers are acting as monitors for the race and independent investment adviser Mr Frank O'Brien is also assisting.