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Compenswiss tenders $300m high yield mandate via IPE Quest

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The CHF37bn (€32bn) manager of Switzerland’s first-pillar buffer fund is seeking a manager for a US high yield bond fund mandate using IPE Quest.

According to search QN-2438, Compenswiss wants to invest $300m (€253.2m) in an active strategy targeting excess returns of 70 basis points a year over three and five years.

The benchmark should be the Bloomberg Barclays US High-Yield 1% Issuer Capped Bond index “or similar”, Compenswiss said.

Managers pitching for the mandate should state performance gross of fees to 31 March 2018.

Compenswiss wants a fund with a tracking error of between 0.5% and 2%. Managers should have at least $1bn in the strategy already, and have at least a 12-year track record in the asset class.

The closing date for submissions is 25 May at 5pm UK time. Compenswiss plans to evaluate proposals by the end of the month. Further evaluations will be carried out during June and July.

The mandate can include “any non-investment grade bond from a corporate issuer”, Compenswiss said, but convertible bonds are not permitted.

The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation 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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