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Mandate roundup: IPE-Quest, Clwyd, Insight Investment

A European pension fund is looking to invest up to $20m (€15.6m) in commodities, using IPE-Quest.

The pension fund behind search QN1344 said it would prefer to appoint a multi-asset manager with commodities experience rather than consider applications from dedicated commodities managers.

The actively managed global commodities mandate, worth $10m-20m, would be benchmarked against the S&P Goldman Sachs Commodity index, with no companies managing less than $500m in assets considered.

Additionally, the company should have at least a three-year track record.

Interested parties have until 31 October to apply, stating gross of fees return to the end of September.

Meanwhile, Clwyd Pension Fund, the £1.1bn (€1.3bn) Welsh local authority scheme, has appointed a manager to oversee a de-risking strategy as it aims to achieve full funding.

The fund, administered by Flintshire County Council, said it appointed Insight Investment at the beginning of the month, with the manager beating eight other applicants to the award potentially worth £165m.

Last year’s tender sought a manager to implement a flight path or road map strategy, with select triggers in place that would allow the scheme to achieve full funding.

The strategy, which could be allocated up to 15% of the fund’s assets, was proposed after the fund’s 2010 actuarial valuation found a £376m shortfall, amounting to a funding level of 72%.

As of its most recent funding proposal, implemented following the 2010 valuation, the fund hoped to tackle its deficit over a 14-year period, although it said at the time this timeframe would be extended as far as 2030.

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 directly from IPE-Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email jayna.vishram@ipe-quest.com.

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    Closing date: 2018-08-01.

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