IPE-Quest - A Swiss institutional investor has tendered a $100m (€77m) global convertible bonds mandate using IPE-Quest.

According to search QN1255, the mandate will have an average rating of investment grade, whereas the allocation to non-investment grade within the benchmark will be 25% (75% investment grade, 25% non-investment grade).

Applicants should provide the percentage of non-investment grade holdings in their composite/flagship fund sheets, the investor said.

The investor is calling for active, long-only strategies, with no leverage.

It asks that asset managers have at least $300m in assets under management in global convertible bonds and a five-year track record.

It also expects 1-2% outperformance gross of management fees, but net of transaction costs, with a tracking error of 3-6%.

The closing date for applications is 12 October.

The IPE.com 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 jayna.vishram@ipe-quest.com.