EUROPE - A European multi-manager is tendering a $50m (€36.3m) UK large-cap mandate using IPE-Quest.

The active equity brief will formally be benchmarked against the FTSE All-Share or "against a more style appropriate custom benchmark" with a tracking error between 3% and 7%.

The investor would like to set up the mandate within the large-cap value and/or yield space with a maximum of 50 stocks.

Interested managers should preferably have a minimum track record of three years but in search QN852 the investor does not mention an absolute minimum.

Performance should be stated to end-March 2007 gross of fees and the minimum of assets under management related to the mandate is $750m and $2.5bn for the firm.

The search closes on 24 August.