FINLAND - The €460m pension fund of Finland's central bank, Suomen Pankki, is seeking an investment manager to handle its €25m indirect real estate portfolio.

In a tender document published this week the bank specified that the portfolio must be invested in eurozone funds-of-funds. It said fund strategy "must be conservative - core or value-added".

The scheme will shortlist between one and seven managers for the mandate. Criteria for selection include "technical capacity", available specialists and "professional fitness".

The scheme places above-average weight on governance issues, requiring applicants to provide evidence of tax paid in its country of residence, three years' financial statements and details of credit ratings.

Bids must be submitted by 18 April.

The fund declined to provide further information on the tender. Spokesman Jarno Ilves said the fund had taken the decision on media silence "to make it easier on us". 

The pension fund recently tendered for managers for assets worth €400m, including equities, and government and corporate bonds. Both the equities and bonds will be benchmarked and managed passively.


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