Danish pension fund in high yield manager search
DENMARK - The DKK 22.9bn (€3bn) Danish Teachers' Pension and Life (Lærernes Pension) pension fund is looking for a US high yield manager via IPE-Quest for a mandate in excess of DKK 285m.
"We are looking at how to structure our overall high yield allocation in the best possible way," Lærernes' portfolio manager Anders Bertramsen told IPE. He explained that the fund might shift to a more regional allocation of high yield mandates.
Currently the fund has three mandates making up the DKK 1.9bn high yield portfolio awarded to Putnam Investment (European high yield), T Rowe Price (US/global high yield) and Capital International (US/global high yield).
"We might reappoint the US/global managers to slightly different mandates," Bertramsen said. He stressed that the fund was satisfied with the performances of all three incumbent managers.
The target for the tendered mandate is to outperform the Lehman US high yield index 2% constrained in various market conditions.
Deadline for participation is 12 January 2007.