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Mandate roundup: IPE Quest, London Borough of Sutton

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  • Mandate roundup:  IPE Quest, London Borough of Sutton

EUROPE - A European pension fund is tendering a global currency overlay mandate, using IPE Quest.

The mandate, QN1171, covers a €2bn passive hedge of non-euro exposure to euro across the for the continental European scheme's externally managed portfolios.

The successful bidder will be expected to monitor the portfolio's currency weightings daily and to distribute profits and losses made on the hedge across the externally managed portfolios.

The scheme will consider bids from investment managers with more than €10bn in assets under management and preferably with a five year track record, although it will consider managers with a minimum of three years of experience.

Applications must be made by 4 April and should include the manager's performance to the end of last year, net of fees.

In other news, The London Borough of Sutton's local government pension scheme has awarded Legal & General Investment Management (LGIM) a mandate for a multi-asset equity/bond portfolio of up to £120m (€137m).

The mandate will initially comprise a UK equity allocation but will broaden to include global equities and bonds. The equities portfolio will track market cap-weighted indices. 

LGIM said it did not comment on mandate awards won as a matter of policy.

However, the announcement comes just days after London Borough of Islington's scheme awarded the fund manager a similar mandate worth £200m.

At the end of the last financial year, Sutton's LGPS had total assets of £330m, with a strategic asset allocation of 35% invested in each UK and overseas equities, while the remaining 30% was split between bonds and property.

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 jayna.vishram@ipe-quest.com.

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IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2496

    Asset class: Commodities.
    Asset region: World.
    Size: CHF 100 – 150 m.
    Closing date: 2018-12-12.

  • QN-2498

    Asset class: Fixed Income Investment Grade.
    Asset region: Global Developed Markets.
    Size: $50m.
    Closing date: 2019-01-07.

  • DS-2499

    Closing date: 2019-01-02.

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