GLOBAL - A UK-based multi-manager is looking to appoint a suitable investment manager for a US equity mandate worth $20m-40m (€15m-31m), using IPE Quest.
 
The mandate indicated the investor was seeking a fundamental, bottom-up stock-picking investment manager, with a research-intensive process for US equities.

The benchmark for the portfolio would be the S&P 500.
 
The manager should have a minimum of $50m under management, with a preferred track record of five years and provide performance, net of fees, to end June 2010.

In other news, the £562m (€674m) London Borough of Tower Hamlets has appointed Legal & General Investment Management to manage a £100m investment portfolio for its pension fund.
 
The initial mandate is to provide passive UK equity investment for a £60m-£70m portfolio, with the balance invested in an index-linked gilt portfolio.
 
Tower Hamlets, which was advised by Hymans Roberston, said the mandate might be broadened to encompass other asset classes in future.