An undisclosed pension fund based in Europe has tendered a $500m (€399m) developed-world equity mandate using IPE-Quest.
According to QN1467, the client’s preference is for a segregated account in the form of a single investor fund.
The mandate calls for the MSCI World Developed index as a benchmark, with tracking error ranging between 3% and 8%.
Fund managers must have an absolute minimum track record of two years, and preferably five.
They should also have at least $2bn in assets under management (AUM) for the mandate itself and $20bn in AUM as a company.
The client has said that track record and minimum AUMs limits are “fairly strict”.
Interested parties should state performance, gross of fees, until the end of September.
The closing date for applications is 20 November.
For full information, please go to http://www.ipe-quest.com/search.htm