Pension fund management services

Tender description

Glasgow City Council is seeking a manager to manage a multi-asset credit mandate. The objective of the mandate should be to achieve a return of LIBOR plus 4 % p.a. net of fees. The mandate should be focussed primarily on the high yield debt and syndicated loans markets but may have the freedom to investment in a range of other predominantly liquid debt assets. The manager would have the freedom to invest across the agreed range of debt assets subject to suitable constraints and guidelines. The main purpose of this mandate is to provide exposure to higher yielding credit market beta. We do not envisage that hedge fund strategies or extensive use of leverage to be appropriate. The mandate size has provisionally been set at 300 000 000 GBP. Glasgow City Council reserves the right to alter the value and coverage of the mandate both initially and over the period of the mandate. Please answer all questions focussing on your multi-asset credit capability. The following minimum standards are required for this search: — Tenderers must be registered in terms of the Financial Services and Markets Act 2000, or equivalent law of European Economic Area (EEA) member state to manage the assets of occupational pension funds; — Tenderers must be able to comply with appropriate Local Government Pension Scheme (‘LGPS’) regulations; — Tenderers must provide satisfactory answers to the questions asked in the Council Questions section of the PQQ; — The preferred approach would be to invest through a segregated mandate. However, the approach must comply with the requirements of the LGPS regulations and as such a pooled fund or bespoke mandate within a pooled wrapper would be considered.