EUROPE – A European bank has tendered an active US mid-cap equities mandate ranging from $250-$350m (€191.8m-€268m) to $350m via IPE-Quest.

The bank is interested in equities with a market cap between $1.2 billion and $19 billion but has required no specific style bias and both pooled and segregated accounts may be considered. The benchmark has not been decided.

The proposed product should be GIPS (Global Investment Performance Standard) compliant or have equivalent status.

Candidates must have a track record of at least five years. The successful manager should have an absolute minimum of $2bn under management in equity mid cap core.

Accumulated return between 1999 and 2004 must be greater than 25%. Managers must also prove commitment towards the product type and towards client servicing in Europe as well as organisational stability. The closing date for applications is February 7.