IPE-Quest: Funds sought for Danish portfolios
DENMARK - Danske Capital is searching for an emerging markets Asia and an Indian equity manager to supply active management to its global emerging markets and fund of funds portfolios.
Details of Quest QN878 reveal Danske is looking for a long-only n active, core, multi-cap EM Asia (ex Japan) manager to handle a $100m (€75m) mandate.
Benchmarked to the MSCI EM Asia, the mandate will have a 10% tracking error but gives the manager the option of investing in countries which are yet to be covered by the index, such as Vietnam, Sri Lanka, Bangladesh, Kazakhstan, or in Asian companies located in EM Asia but listed in other regions such as Hong Kong and London.
Assets will be held within Danske's global EM portfolio, which is expected to grow in size over time, so managers must have more than five years' track record of active management in this space, stated to October 31 2007, along with five years' composite performance data.
Danske said it is open to a fundamental and quantitative approach but the manager must be prepared to work with pre-trade approval.
At the same time, Danske has also tendered for a long-only manager of $100m in active, core, multi-cap Indian equities.
The Quest QN877 mandate is benchmarked to the MSCI India, and assets must be made up of companies listed locally and abroad, but will be distributed through retail clients as well as possibley being used as "building blocks" for Danske's fund of funds products.
Applicant managers must have three-year track records in Indian active equity management, with performance quoted to October 31 2007, and will be asked to show three-year performance data with either current or previous employer.
Slight differences in this mandate mean the firm is seeking a fundamental approach, but will allow use of quantitative tools "at the ideas stage and to manage risk".
Closing date on both tenders is December 6.
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