Swiss pension fund tenders $2.4bn in fixed income

first_imgA swiss pension fund has tendered a total of $2.4bn (€2.2bn) in fixed income mandates via IPE Quest.According to search QN-2591, the asset owner is seeking a fund manager to handle a global aggregate fixed income mandate worth $1.5bn.It will follow the Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD (LEGATRUU) as a benchmark.The expected level of tracking error for this mandate is 1.5% and applicants have a deadline of 16 March 5pm UK time to apply. The pension fund has also issued a US corporate fixed income tender for $350m (QN-2600), following the Bloomberg Barclays US Corporate Total Return Value Unhedged USD (LUACTRUU) as benchmark.A third brief has been tendered (QN-2601) for $150m in Europe corporate fixed income, tracking the Bloomberg Barclays Pan European Aggregate Corporate TR Index Value (LP05TREU).Lastly, the scheme is looking for a fund manager to run a $400m global aggregate corporate fixed income brief (QN-2602), which will track the Bloomberg Barclays Global Agg Corporate Total Return Index Value Unhedged USD (LGCPTRUU).The three smaller mandates (QN-2600, QN-2601 and QN-2602) have an expected level of tracking error of 2% each and the deadline for those is set for 17 March 5pm UK time.Applicants must have at least $3bn under management for each asset class and at least $10bn of assets under management overall.They should state performance until 31 December 2019, gross of fees, with a minimum track record absolute of 10 years.The fund said it would prefer segregated mandates. It added that derivatives are only allowed to steer duration and must be covered by highly liquid assets. No leverage is allowed, but it will allow bond futures.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation 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.last_img

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