BELGIUM – A Belgian pension fund has tendered a mandate for global emerging markets debt worth around 20 million euros via the IPE-Quest system.
The mandate may be allocated to a single manager or possibly split between two. It is to be mostly invested in sovereign debt and must be managed via a Sicav (UCITS) fund structure. All dividends are to be re-invested.
The manager must have a minimum five-year track record. The mandate is to be benchmarked against the J P Morgan EMBI+ - though the fund is open to using other indices.
The client prefers an active approach as it considers the emerging debt markets are inefficient market – though it is willing to be persuaded otherwise. Closing date is June 18.