SCANDINAVIA - A Scandinavian pension fund has tendered an initial $50m (€39.9m) in euro-zone high yield debt via IPE-Quest.
The search (QN672) says the mandate is expected to be established at a size of $50m and is expected to have a maximal size at $125m.
The mandate is primarily a euro high-yield debt mandate. It could be extended with a opportunistical possibility to a smaller degree to invest in non euro-denominated debt.
Further guidelines include:
* Managers should have a proven ability to generate significant alpha with a moderate market exposure, and the ability to implement conservative strategies in a downturn market will be a crucial qualification.
* Short-selling (credit default swaps and forwards) will be allowed.
* Leverage will not be allowed.
* The style is expected to be active.
* Performance fees could be negotiated.
* Hedging of the base-currency position will take place outside the mandate.
* The mandate must be managed on a segregated account.
The mandate will be subject to the pension funds ethical restrictions for investments.
The manager is not allowed to invest in securities blacklisted by the pension fund.
The closing date for replies is October 31.