An undisclosed European institutional investor has tendered a €50m European small-cap mandate using IPE Quest.

The client is searching for a “fundamental-driven, bottom-up” strategy.

“This strategy should be managed by a dedicated (European) small cap team with at least 4 team members which should be based in Europe,” according to the tender details.

According to search QN-2150, applicants should have at least €1.5bn in total assets under management, and €250m dedicated to small-cap core equities.

Performance will be measured against the MSCI Europe Small Cap index.

The client expects tracking error to range between 2% and 8%. 

Interested parties should have a track record of at least three years, although four is preferred.

The manager should be willing to manage a segregated mandate.

The deadline is 5 February.

Performance should be stated to 30 November 2015, gross of fees.

The IPE news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email