SWITZERLAND - A Swiss institutional investor is looking for one or more managers for a CHF3bn (€1.8bn) passive currency overlay mandate.

The currency universe for the mandate includes EUR, GBP, USD and JPY. It will be benchmarked against a customised index with a maximum tracking error of 0.1% (ex-post).

"It is expected that the cumulative performance of the mandate will be in line with the benchmark," the investor states in QN827.

Only the use of currency spot, currency forwards, currency futures and currency swaps is permitted in managing the mandate.

The management fee is to be fixed all-in.

The search closes next week on Friday July 20.