An undisclosed pension fund based in Europe has put out a search for managers to take on a low-volatility equities mandate for $10m (€12.6m) in assets initially.

According to a search 1474 on IPE-Quest, the pension fund is hunting for asset managers for information purposes (RFI) and says a manager may not be appointed.

The pension fund said the main target for the mandate was the reduction of volatility and drawdowns.

The investment universe is global, but the preferred currency is euros, according to the search.

The mandate size is stated as $10m, but is to grow in the future.

Companies responding should have at least $250m in assets under management in the mandate, and a track record of three years at least, though four years is preferred, according to the search.

The closing date for applications is 1 December.

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