EUROPE – A European insurer has tendered $85m (euro) in South African equities – ideally looking for a ‘Black Economic Empowerment’ firm – via IPE-Quest.

The search (QN618) is for ZAR500m in South African stock market equity, to be managed either passively or actively (not yet decided).

The preferred benchmark is either the FTSE/JSE Africa All Share Index or FTSE/JSE Africa Top 40 Index. Portfolio guidelines might include capital gains constraints.

The successful manager should have a minimum track record of three years in the South African market, have a local office in South Africa and ideally be a ‘Black Economic Empowerment’ (BEE) company.

The closing date is April 21.