An unnamed German pension fund is looking for an asset manager to take on a €500m mandate to invest in euro-denominated corporate bonds.
According to search QN-2103 on IPE Quest, the mandate volume could be split between two managers.
Asset managers must have experience with managed or segregated accounts as investment vehicles, and derivatives will only be allowed in the portfolio for hedging purposes.
The investment process is to be active, using an 80% Markit iBoxx EUR Non-Fin and a 20% Markit iboxx EUR Financials index as benchmark.
Minimum rating for the non-financials corporate bonds in the portfolio should be BBB-, and bonds from financial issuers should be rated at least A-.
Applicants should have at least €1bn under management in this asset class and a minimum of €10bn of assets under management overall.
They should also have a minimum track record of six years, although the pension fund stated in the search it would prefer a track record of at least 10.
Performance should be stated to the end of June, with figures supplied gross of fees.
The deadline for responses is 28 August.
The IPE 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 7261 4630 or email jayna.vishram@ipe-quest.com.
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