Industry-wide fund seeks currency manager
EUROPE - A European industry-wide pension fund is looking to award a $30m (€20.4m) global alpha currency mandate and is seeking a manager via IPE Quest.
The search, QN957, specifies while there is no restriction on currencies, the fund is not looking for a fund of funds solution.
The fund said in the quest managers should state their performance using a tracking error (TE) of 25%.
It added: "We prefer a TE between 20% and 25%, but this is not mandatory."
The investment process should be active, while the fund states it would prefer an absolute return benchmark.
The closing date for the search is September 3.