NORDIC - A Nordic institutional investor has tendered a 100 million-dollar (82.2 million-euro) single strategy actively managed multi-manager hedge fund mandate via IPE-Quest.

The investor said it might split the mandate by hiring more than one manager but added it would be likely to hire only one candidate to offer a range of single strategy multi-manager products.

The single strategies in which the institutional investor is interested are “common strategies” such as event driven, long-short, relative value and tactical trading.

Candidates cannot present carve-out track records from multi-strategy products, while single strategy products which can demonstrate a three-year track record will be preferred.

In terms of performance targets, the investor does not expect to invest in very high risk-high volatility products nor in a very low risk-low volatility products.

The investor, however, would be prepared to listen to managers who present their best products and argue their case.

The closing date is July 30.

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