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Danish consultancy searches for emerging market bond managers

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  • Danish consultancy searches for emerging market bond managers

IPE-QUEST - Investment consultancy Kirstein Finance is conducting a search for corporate bond managers to look after a global emerging markets mandate for a Danish asset manager, using IPE-Quest.

Details of QN 1102 reveal that Kirstein is looking for a manager to act as the sub-adviser to a mutual fund for the asset manager.

The initial target for the mandate is to outperform the JP Morgan CEMBI Diversified or JP Morgan CEMBI Broad Diversified indexes, irrespective of the style of the market. That said, the benchmark would be able to change over time as more opportunities arose in emerging market corporate bonds in local currencies.

The investment universe would consist primarily of hard currency corporate bonds, although liquid and accessible local currency corporate bonds could be included. The fund would be a long-only product and index products are not of interest. Opportunistic allocations to hard and local currency emerging sovereigns are permitted up to 20% of investments. Derivatives would be permitted. Neither multi-manager nor leveraged products are acceptable.

The anticipated excess performance target from the selected manager would be a minimum of 2-3%.

The size of the mandate is expected to be €15m, but Kerstein said there was potential for "huge future increases" as it developed.

A feature of the mandate would be the requirement for the chosen manager  to grant exclusivity in Denmark.

Closing date for submissions is 20 May 2010.

The news team is unable to answer any further questions about IPE-Quest tender notices, to protect the clients conducting the search. To obtain information direct from IPE-Quest, please contact Jayna Vishram on + 44 (0)20 7261 4630 or email jayna.vishram@ipe-quest.com

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