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Insurer tenders $130m global mid and small cap mandate via IPE Quest [updated]

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An insurer is searching for global mid and small cap equity strategies for a $130m (€114m) mandate, via IPE Quest.

According to search QN-2563, the asset owner is after a high-conviction, concentrated strategy to be implemented via a segregated account – fund solutions are not wanted.

The insurer said ‘high conviction’ would “not necessarily” be defined by the strategy’s active share or tracking error, but said it “would expect 50-70 positions”.

The investor has specified the process should be active, and the style “growth”. The tracking error should be at least 1.5%, and the benchmark should be the S&P Global MidSmallCap index, denominated in US dollars.

Small-cap only or mid-cap only managers are not being sought, and multi-manager options will not be accepted.

Interested parties should have at least $750m in assets under management in the asset class, and $1bn as a firm. A track record of at least five years would be preferred, although the absolute minimum is three years. The investor has requested live track records only.

The deadline is 27 September at 5pm UK time.

This article was updated on 10 September 2019 to add further information provided by the investor.

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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