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Insurer tenders €2bn currency overlay mandate via IPE Quest

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A European insurer with around €2bn of assets to be hedged to euros is looking for a global passive currency overlay manager using IPE Quest’s Discovery service.

The investor said it had a dozen of its own funds in which four subsidiaries had invested in a dozen different currencies.

According to search DS-2343, the manager should have a track record of at least five years.

The insurance company said interested parties should consider two cases in their response.

One is where hedging takes place at the fund level, in which case ISDA/CSAs are required for one entity, with around 10 segregated hedge accounts.

The second would involve hedging at the investor level, in which case ISDA/CSAs are required for the four subsidiaries, with about 30 segregated hedge accounts.

The investor noted that legal ownership of the assets resided with a depositary foundation that did not publish annual reports, but that the four subsidiaries did.

It said applications should specify the manager’s approach and how it would achieve best execution in terms of matters such as product and tenor choice, trading strategy, central clearing, transparency, benchmarking, reporting and monitoring.

The closing date for responses is 29 September, at 18:00 CET. 

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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IPE QUEST

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

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    Closing date: 2018-11-22.

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    Asset region: Global.
    Size: $100m.
    Closing date: 2018-11-30.

  • QN-2491

    Asset class: Alternatives.
    Asset region: Global.
    Size: $20m.
    Closing date: 2018-11-30.

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