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IPE-QUEST: European bank tenders €303m

EUROPE – A European bank has tendered three mid-cap US equity mandates, featuring growth, value and core, worth a total $400m (€303.1m), via IPE-Quest.

The growth and value briefs, each worth $100m, must be actively managed with a tracking error ranging between four and 10. They are respectively benchmarked against the Russell Mid Cap Growth and Russell Mid Cap Value.

In both cases, the bank is prepared to consider pooled and segregated accounts.

Managers who replied to the equity mid-cap core mandate, advertised in Quest 431 of January 27, which expired on February 7, are asked not to answer the $200m mid-cap core brief, tendered with the growth and value briefs.

For the actively managed core mandate, to be benchmarked against the Russell Mid Cap, the bank requires no specific style bias but asks for a tracking error between four and 10. Both pooled accounts and segregated accounts may be considered.

Candidates for the three mandates must be GIPS compliant or conform to equivalent standards and a track record of at least three years. The bank is also looking for “proven commitment” to the product types and organisational stability.

Managers are expected to reply by April 1.

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