IPE-QUEST: €190m US equities mandate from Danish fund
EUROPE - In the latest search on IPE-QUEST (QN688) a Danish pension fund is looking to appoint a $250m (€192m) US large cap equity manager.
The chosen benchmark is the S&P 500. The minimum required assets under management are $1.25bn. Minimum tracking error is 3%. The preferred minimum track record is seven years.
Performance has to be stated to year-end 2006, gross of fees
Various additional requirements are stated in the search:
"The manager must have had the same (present) lead manager and the same investment process in place for at least five years for US large cap core equities.
"The present lead manager must be able to document the ability to generate alpha in all kinds of markets (bull and bear markets, small cap/large cap outperformance, growth/value outperformance, high/low quality outperformance, momentum driven markets).
"As a starting point we are looking for a large cap core manager. However if the manager has the skills to marginally shift the allocation between growth and value it is fine. It will also be acceptable for managers with a growth tilt to apply if the manager can document the ability to outperform the core benchmark during periods when value stocks outperformed and likewise with value managers."
This search closes on 5 February 2007.
In search QN687 a continental European pension fund is looking to award a €125m EMU convergence government bond mandate.
No preferred benchmark is stated in the search. The minimum AUM requirement for the mandate is €250m and for the firm €2bn. No tracking error guidelines are stated. The preferred minimum track record is five years, with an absolute minimum of three years.
Performance has to be stated to year-end 2006, gross of fees in euros.
This search closes on 19 January 2007.