A consultant, using IPE-Quest, has tendered a US high-yield bond mandate on behalf of an undisclosed European institutional client.
According to search QN1338, the manager is to run a separate mandate of roughly $350m (€262m) in assets against the Merrill Lynch US High Yield index, with a “limited” tracking error.
Applicants should have at least $2bn in assets under management for the strategy and a minimum three-year track record – although 5-10 years is preferred.
Interested parties should state performance to the end of August.
The deadline for applications is 4 October.
In other news, the Merseyside Pension Fund is putting together a framework agreement to find a provider of “transition management services”.
The fund said it would be reviewing various aspects of its investment arrangements over the next four years and expected to potentially make changes to its strategic asset allocation – “and also potentially its stable of investment managers”.
“Once the framework agreement is in place,” it said, ” [Wirral Borough] Council will conduct a mini-competition exercise between providers whenever it requires transition management services.”
The fund pointed out that it invests in a diverse range of assets, and with a number of diverse investment managers, and said that, therefore, “different transition managers may be suited for different situations”.
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.
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