EUROPE - A Scandinavian institutional investor is looking for a manager for a $90m (€68m) global bond mandate, using IPE Quest.
The investor asks that the JP Morgan Government Bond Index-Global (JP Morgan GBI-Global) be applied to the mandate, hedging to euros.
Alternatively, the Citigroup World Government Bond index could also be used as a benchmark, again hedged to the European single currency.
The investor would like the funds to be located in a UCITS fund in either Luxembourg or Ireland, with at least 80% of its exposure hedged against the euro, although a 100% hedging would be preferable, resulting in a maximum of 20% currency risk.
The institution indicates a separate account mandate will not be considered, while any companies applying should have a minimum of three years' proven trading experience and preferably five, managing at least $25m in the fund already.
Additionally, the UCITS fund should be registered in two to four countries, or at least should be committed to registering in further countries, while the Scandinavian investor should not be its sole client.
Further, while investments should be made in bonds from the JP Morgan GBI-Global, investments in countries registered with the JP Morgan GBI Broad Index, such as South Korea, Singapore, Austria and other will be considered, while no more than 10% can be invested in emerging markets.
The investor also asks that the fund not invest in corporate credit, unless this stems from quasi-sovereign sources with ratings no worse than A-, according to ratings supplied by Standard & Poor's.
Additional investments in BBB-rated bonds will be allowed, as long as these do not exceed 5% of fund value and are government guaranteed.
The duration for all bond investments should be between 3.5 and 7.5 years.
Parties interested in QN1126 should apply by 4 October, stating their performance both net and gross of fees up until the end of June this year.
In other news, Aberdeen Asset Management was again awarded a mandate for emerging markets equity for Cardiff Council's local government pension scheme (LGPS), worth £25m.
According to the most recent annual report, which saw the Cardiff & Vale of Glamorgan Pension Fund see returns of 34%, bringing its assets to £1bn (€1.1bn), Aberdeen was already charged with managing the scheme's emerging markets equity and global bond portfolios.
Other asset managers included State Street, JP Morgan, Majedie and Schroders.
Finally, the LGPS for Fife in Scotland has appointed Hymans Robertson to provide actuarial services on its £1.1bn scheme.
As part of the five-year contract, the consultancy will conduct the fund's next actuarial valuation in March 2011.
The IPE.com news team is unable to answer any further questions about IPE Quest tender notices to protect the interests of clients conducting the search. To obtain information direct from IPE Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email email@example.com.