IPE-QUEST: €67m European equities mandate
NORDICS - A Nordic financial institution is tendering a $90m (€67m) active European equities mandate on behalf of a pension fund.
The mandate will be benchmarked against the MSCI Europe with a minimum tracking error of 3%.
"The manager may invest in stocks not included in the benchmark but cannot geographically invest in countries/areas not included in the benchmark," the investor states in quest QN 817. Short selling and the use of derivatives are also not allowed.
Products must have more than three years' track record and the manager must be GIPS (Global Investment Performance Standard) certified.
The investor also states "the manager should be prepared to work with pre-trade approval".
Both team and star-manager approaches are welcomed but the size of the investment team should exceed 10 persons.
The search ends June 25.
In quest QN815, a UK asset manager is also tendering a $80m active global developed markets equity income high dividend mandate.
The asset manager is seeking to appoint a sub-adviser to manage this particular mandate.
The benchmark is to be equities, but details will have to be agreed, while he maximum tracking error is 8%.
Interested managers should state their performance to end-March 2007 gross of fees.
The GDM Equity Income mandate is to deliver an above-average stream of dividend income and income growth from a global portfolio of equities, the investor states in the tender document.
The search ends July 4.