DENMARK - Danske Capital is conducting a search for a global value equity manager for a $200m (€129m) mandate, using IPE Quest.

In the quest, QN940, Danske states the manager should have MSCI Global Value as the benchmark and a tracking error in the range of 4-6% "under normal market conditions".

The manager is expected to generate positive alpha throughout the business cycle and hence to hold a meaningful level of ‘active money' in the portfolio without assuming excessive risk.

"We prefer managers with a broad and holistic approach to value as we do not believe value investments should be limited to companies that appear cheap on traditional metrics, such as P/B, alone," Danske said.

Short-selling and the use of derivatives is not allowed, while existing products of the manager must have more than three year's track record, and the manager must be GIPS certified.

Danske also said it prefers a team-based rather than a star-manager approach.

The mandate covers one account with assets under management in excess of $200m in total.

The manager should be prepared to work with pre-trade approval.

Closing date for this search is June 19.

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