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Swiss pension fund looks to allocate more than €3bn to EMD, high yield

A Swiss pension fund is seeking options for up to CHF3.5bn (€3.1bn) in emerging market debt (EMD) and US high-yield strategies, according to new searches on IPE Quest.

The unnamed investor has launched six separate searches, including active and passive approaches and exposure to both hard and local currency strategies.

In all cases, managers pitching for the mandates should have at least a five-year track record in the asset class in question, but a 10-year track record is preferred.

Performance should be stated gross of fees to 30 June 2019.

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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.


Search QN-2548: Hard currency emerging market debt, actively managed

The pension fund is looking to allocate CHF300-400m to actively managed, hard-currency EMD. It currently has CHF700m invested in the asset class split between two active mandates.

The benchmark for the segregated mandate is the JP Morgan EMBI Global Diversified index, as priced in Swiss francs.

Managers interested in the mandate must have at least CHF5bn under management in the asset class and at least CHF10bn across the whole company. The maximum tracking error for the mandate is 2%.

Those pitching for the allocation should have at least a five-year track record, but 10 years is preferred, the investor said. Managers should state performance gross of fees to 30 July 2019.

Deadline: 5pm UK time, 30 July 2019


Search QN-2549: Hard currency emerging market debt, passively managed

The passive allocation to hard-currency EMD could range between CHF300-700m, according to the search criteria. The benchmark is the same as for the actively managed search.

Managers should have at least CHF10bn in the asset class and CHF20bn firm-wide. Maximum tracking error is 0.5%.

Deadline: 5pm UK time, 30 July 2019


Search QN-2550: Local currency emerging market debt, actively managed

For the actively managed local currency mandate, the pension fund is considering allocating CHF250-350m. It currently has an allocation of CHF280m.

The strategy will be benchmarked against the JP Morgan GBI-EM Global Diversified index, priced in Swiss francs.

Managers interested in the mandate must have at least CHF5bn under management in the asset class and at least CHF10bn across the whole company. The maximum tracking error for the mandate is 2%.

Deadline: 5pm UK time, 31 July 2019


Search QN-2551: Local currency emerging market debt, passively managed

The passive strategy’s allocation could also range between CHF250-350m, and will be benchmarked to the same index as the active allocation.

The investor is open to passive or “passive enhanced” strategies. Managers should have at least CHF10bn in the asset class and CHF20bn firm-wide. Maximum tracking error is 0.5%.

Managers should have at least CHF10bn in the strategy already, and at least CHF20bn across the company.

Deadline: 5pm UK time, 31 July 2019


Search QN-2552: US high-yield bonds, actively managed

The pension fund is considering options for a CHF500-600m allocation to an actively managed US high-yield bonds strategy. It currently has a CHF1bn allocation to the asset class, split between two mandates.

The mandate will be benchmarked against the ICE BoAML US High Yield Master II index, with a maximum tracking error of 2%.

Managers interested in the mandate must have at least CHF10bn under management in the asset class and at least CHF25bn across the whole company.

Deadline: 5pm UK time, 29 July 2019


Search QN-2553: US high-yield bonds, passively managed

The passive option will cover CHF500-1,100m of assets, according to the search criteria, with passive or passive enhanced strategies acceptable.

The mandate will be benchmarked to the same ICE BoAML index as the active mandate, with a maximum tracking error of 0.5%.

Managers should have at least CHF20bn in the strategy already, and at least CHF50bn across the company.

Deadline: 5pm UK time, 29 July 2019

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IPE QUEST

Your first step in manager selection...

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

  • QN-2548

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 300-400m.
    Closing date: 2019-07-30.

  • QN-2549

    Asset class: Fixed Income, Emerging Market Debt Hard Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 300-700m.
    Closing date: 2019-07-30.

  • QN-2550

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Active).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2551

    Asset class: Fixed Income, Emerging Market Debt Local Currency (Passive or Passive Enhanced).
    Asset region: Emerging Markets.
    Size: CHF 250-350m.
    Closing date: 2019-07-31.

  • QN-2552

    Asset class: Fixed Income, High Yield (Active).
    Asset region: High Yield (US).
    Size: CHF 500-600m.
    Closing date: 2019-07-29.

  • QN-2553

    Asset class: Fixed Income, High Yield (Passive or Passive Enhanced).
    Asset region: High Yield (US).
    Size: CHF 500-1'100m.
    Closing date: 2019-07-29.

  • QN-2554

    Asset class: Global Real Estate (Equity, unlisted Funds).
    Asset region: World (ex-Switzerland).
    Size: CHF 200 mn (potential for further growth).
    Closing date: 2019-08-07.

  • QN-2555

    Asset class: Real Estate.
    Asset region: European.
    Size: EUR 50 - 100 million.
    Closing date: 2019-07-22.

  • QN-2556

    Asset class: FX Hedging.
    Asset region: Global.
    Size: Mandate size of CHF 1.5 bn.
    Closing date: 2019-08-09.

  • QN-2557

    Asset class: All/large Cap Equities.
    Asset region: China A-shares.
    Size: Unit linked platform (0m USD in initial investment).
    Closing date: 2019-08-01.

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