EUROPE - A European pension fund is tendering for a $10bn (€8.1bn) currency overlay, using IPE-Quest.

Search QN1247 - the largest conducted in the manager search facility's history - is on behalf of a European pension fund, with the overlay meant to address its global currency exposure.

Despite the overlay's size, the scheme is only seeking managers with $3bn in similar mandates, with no overall restriction on assets under management.

However, the manager should possess a three-year track record, managing the scheme's exposure both passively and actively.

Managers should not exceed a 1% tracking error over the one-month currency forward rate and should state performance to the end of May, gross of any fees.

Interested parties should contact IPE-Quest by 26 July.

Previous currency overlays conducted through Quest include a €2bn non-euro hedge in March last year, with a European scheme tendering a €3bn currency hedge earlier this year.

The 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 3465 9330 or email