German investor pursues corporate bonds
GERMANY - A German corporate investor is looking for an asset manager to look after up to €200m in investment grade corporate bonds, using IPE-Quest.
Details of QN996 state the exact sum of the actively-managed mandate is between €100m and €200m, but the assets will be benchmarked to the Iboxx Eur Corporate Senior Total Return index.
The arrangement is not actually for an immediate investment need but to find a back-up manager.
Should parties be successful, the manager will be allowed to invest up to 10% of the fund's net assets in Eurozone government bonds, including zero coupon bonds, and euro-denominated corporate bonds not included in the Iboxx index can be purchased as part of the portfolio, providing the issuer is headquartered in the EEA or Switzerland.
The cumulative position of a single issuer within the fund must not exceed 5% of the fund's net assets, according to the search, though the duration of the portfolio may deviate from the duration of the benchmark by +/- one year.
Min track record to be stated is three years, though the preferred record is five, and performance data must be stated gross of fees to 31 December 2008.
Closing date for the IPE Quest search is 11 March 2009.