FRANCE - A French corporate pension fund is looking for equity managers for a €35m global equity and a €13m European small cap equity mandate, using IPE quest.
In search QN977, the fund, which is part of for the 2003-introducecd collective retirement savings plan system (PERCO), the fund says its the €35m mandate comprises of different pockets covering European equity, global equity, European smaller companies and emerging markets, to be benchmarked against MSCI World.
Quest QN976 covers a €13m mandate for European smaller companies equity, to be benchmarked against HSBS Smaller European Companies.
"The active mandate European Smaller Companies had assets under management amounting to €13m. We estimate that the annual entries will be around €2-4m," said the fund it the search.
Both mandates will be invested from the summer of next year.
The PERCO consists of four different funds dedicated to the retirement savings of our French employees, though the scheme added the two mandates would part of its equity fund compartment.
"At the end of September 2009, the global equity active mandate had assets under management amounting to €35m. We estimate that the annual entries will be around 7-10mn EUR," said the fund in its Quest tender notice.
"Experience with the French employee savings environment is an advantage but not a necessary requirement," it continued.
That said, any reporting submitted to the supervisory committee of the scheme has to be written in French, which will also be the language to be used in any oral communication with the committee.
The closing date for the two searches is December 1.