Swiss pension fund looks to allocate more than €3bn to EMD, high yield

first_imgA Swiss pension fund is seeking options for up to CHF3.5bn (€3.1bn) in emerging market debt (EMD) and US high-yield strategies, according to new searches on IPE Quest.The unnamed investor has launched six separate searches, including active and passive approaches and exposure to both hard and local currency strategies.In all cases, managers pitching for the mandates should have at least a five-year track record in the asset class in question, but a 10-year track record is preferred.Performance should be stated gross of fees to 30 June 2019. 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.Search QN-2548: Hard currency emerging market debt, actively managedThe pension fund is looking to allocate CHF300-400m to actively managed, hard-currency EMD. It currently has CHF700m invested in the asset class split between two active mandates.The benchmark for the segregated mandate is the JP Morgan EMBI Global Diversified index, as priced in Swiss francs.Managers interested in the mandate must have at least CHF5bn under management in the asset class and at least CHF10bn across the whole company. The maximum tracking error for the mandate is 2%.Those pitching for the allocation should have at least a five-year track record, but 10 years is preferred, the investor said. Managers should state performance gross of fees to 30 July 2019.Deadline: 5pm UK time, 30 July 2019Search QN-2549: Hard currency emerging market debt, passively managedThe passive allocation to hard-currency EMD could range between CHF300-700m, according to the search criteria. The benchmark is the same as for the actively managed search.Managers should have at least CHF10bn in the asset class and CHF20bn firm-wide. Maximum tracking error is 0.5%.Deadline: 5pm UK time, 30 July 2019Search QN-2550: Local currency emerging market debt, actively managedFor the actively managed local currency mandate, the pension fund is considering allocating CHF250-350m. It currently has an allocation of CHF280m.The strategy will be benchmarked against the JP Morgan GBI-EM Global Diversified index, priced in Swiss francs.Managers interested in the mandate must have at least CHF5bn under management in the asset class and at least CHF10bn across the whole company. The maximum tracking error for the mandate is 2%.Deadline: 5pm UK time, 31 July 2019Search QN-2551: Local currency emerging market debt, passively managedThe passive strategy’s allocation could also range between CHF250-350m, and will be benchmarked to the same index as the active allocation.The investor is open to passive or “passive enhanced” strategies. Managers should have at least CHF10bn in the asset class and CHF20bn firm-wide. Maximum tracking error is 0.5%.Managers should have at least CHF10bn in the strategy already, and at least CHF20bn across the company.Deadline: 5pm UK time, 31 July 2019Search QN-2552: US high-yield bonds, actively managedThe pension fund is considering options for a CHF500-600m allocation to an actively managed US high-yield bonds strategy. It currently has a CHF1bn allocation to the asset class, split between two mandates.The mandate will be benchmarked against the ICE BoAML US High Yield Master II index, with a maximum tracking error of 2%.Managers interested in the mandate must have at least CHF10bn under management in the asset class and at least CHF25bn across the whole company.Deadline: 5pm UK time, 29 July 2019Search QN-2553: US high-yield bonds, passively managedThe passive option will cover CHF500-1,100m of assets, according to the search criteria, with passive or passive enhanced strategies acceptable.The mandate will be benchmarked to the same ICE BoAML index as the active mandate, with a maximum tracking error of 0.5%.Managers should have at least CHF20bn in the strategy already, and at least CHF50bn across the company.Deadline: 5pm UK time, 29 July 2019last_img read more

Shell sanctions North Sea gas project

first_imgOil major Shell and its partner Ithaca Energy (UK) Limited have taken a final investment decision on the Pierce Depressurization Project in the UK Central North Sea.FPSO Haewene Brim; Source: BluewaterThe move will enable Shell to start exporting gas from the Pierce field, Shell said on Thursday.“This important development of the Pierce field will allow us to unlock additional gas reserves for the UK’s homes and businesses, and value for our shareholders,” said Steve Phimister, Vice President Upstream and Director of Shell U.K. Limited.“It is Shell’s eighth final investment decision in the UK Continental Shelf since the start of 2018. Each is part of a careful and cost-effective strategic expansion of our North Sea capacity, in line with our core upstream focus on profitable investments and competitive growth opportunities.”Shell said that the investment would go towards modifying the existing floating production, support and offloading (FPSO) vessel, the Haewene Brim, which is owned and operated by Bluewater. The work also includes installing a subsea gas export line from the FPSO to the SEGAL pipeline, and the drilling of new wells.The Pierce development work has Oil & Gas Authority approval and will take place between 2020 and 2021. The Pierce field is then expected to produce more than 30,000 barrels of oil equivalent per day at peak production.Pierce is a joint venture between Shell (Shell share 92.52%) and Ithaca Energy (UK) Limited (Ithaca share 7.48%).Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email. Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.last_img read more