Mandate roundup: IPE-Quest, Bexley, LPFA, F&C, West Midlands
GLOBAL – An institutional investor is seeking at least three managers to oversee a $300m (€226m) investment in insurance-linked securities (ILS), using IPE-Quest.
According to search QN1307, the investor would consider exposure to catastrophe bonds, industry loss warrants, retrocessions and reinsurance bonds within the ILS mandate.
Applying managers should have at least $300m in assets under management and invest without employing leverage, using a long-only approach and providing semi-annual liquidity.
They should also have at least three years' experience investing in ILS.
The tender said knowledge and experience with Swiss institutional funds or institutional clients would be advantageous, and that the mandate would be split across at least three managers.
Interested parties have until 12 July to respond to the request for information, stating performance to the end of March.
In other news, the London Borough of Bexley is tendering for a new administrator to replace its current contract with the London Pensions Fund Authority, expiring in April 2014.
According to the contract notice, interested parties have until 8 August to apply, with Bexley noting that the most economically advantageous tender will be selected.
Further information can be found on the London Council tender portal.
Lastly, F&C Asset Management has been confirmed as one of the three managers to oversee part of an £830m (€969m) global emerging market mandate tendered by the West Midlands Pension Fund.
West Midlands announced a framework agreement with six managers last week but declined to name the three managers that would be provided with capital.
However, in a statement, F&C did not divulge the size of the mandate it had been granted, only stating that it would be managed on a segregated basis.