An unnamed Swiss institutional investor has launched a manager selection process for a Swiss bond mandate involving at least CHF250m (€230m) of assets, according to a search on IPE Quest.
Applicants should have at least CHF2.5bn under management in the same strategy – Swiss bonds – across different funds or mandates, as well as a track record of at least five years.
The mandate should be managed using an active style, with the manager being able to adapt to market conditions.
The benchmark is to be the SBI Domestic AAA-BBB TR.
The mandate involves investment-grade bonds only (AAA/Aaa to BBB-/Baa3).
For bonds rated higher than BBB+, the maximum allocation is 5% per debtor, and 3% per debtor where the rating falls between BBB+ and BBB-, except where there is more in the benchmark.
Higher allocations of up to 100% are allowed for sovereign bonds, up to 10% for canton-issued bonds and 25% for bonds issued by Pfandbriefinstitute.
The investor listed various types of bond investments that would not be allowed in the mandate, including convertible bonds and units in collective investment schemes.
Knowledge and experience with Swiss institutional funds or institutional clients would be an advantage in the competitive tender, the investor said.
Within responses, performance data should be supplied to 31 August, gross of fees.
The final closing date for responses is 22 September.
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 email@example.com.