UK- Bank Spängler and the consultancy Kottmann Advisory Services are looking, via the electronic manager search system IPE-Quest.com, for a manager to oversee a e25m global balanced mandate on behalf of their client, an Austrian pension fund.

The pair have set two goals for the managers- that there be no negative returns during any one calendar year, and that the target return for 5 years be an annual 7.5%.

The mandate will contain no preferred benchmark and there is no mandatory minimum preferred track record.

Restrictions on the asset allocation are as follows: equities are to represent no more than 40% of the portfolio, cash no more than 50% while foreign currencies (non-Euro) should be kept below 50%.

Bonds below AA grade are prohibited, as are derivatives except as a means of hedging currencies.