NORWAY – The Bærum municipality east of Oslo has tendered NOK570m (€73.5m) in socially responsible investing assets.

The contract covers the management of global equities with SRI and low relative risk.

The regions include Europe (50%), North America (30%) and the Far East (20%).

The asset manager must be licensed by the Norwegian Financial Supervisory Authority or equivalent authority in the European Economic Area (EEA), according to the tender.

The manager must also be able to carry out negative screening in accordance with SRI criteria, and manage close to the benchmark.

The contract will run for five years, according to the notice. This is a reoccurring procurement.

Between three and 10 asset managers will be invited to participate in the tendering process. Cost will play a significant factor in the award of the mandate.

“The most economically advantageous tender in terms of the criteria stated in the specifications, in the invitation to tender or to negotiate or in the descriptive document,” said the notice.

Tenders or requests to participate can be drawn up in Danish, English, Swedish or Norwegian.

The closing date is June 16.

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