LGPS Central Limited begins search for Global Active Multi-Asset Credit Managers

LGPS Central Limited is delighted to announce we’re now looking for active, global, multi-asset credit debt managers to manage our £660 million Global Active Multi-Asset Credit Fund.

Although subject to slight variations as the process progresses, as a general guideline, the Fund’s mandate is expected to include that the Fund will:

  • be benchmarked against 3-month GBP SONIA (or equivalent);
  • be expected to return a provisional active net performance of 3-5% above benchmark;
  • predominantly invest in global fixed and floating rate instruments in markets, including, but not limited to, Government, Investment Grade, High Yield, Emerging Market Debt and Loans;
  • have certain exposure limits, of which the main ones are: up to 10% in Government Bonds, up to 10% in Investment Grade Bonds, up to 10% in EMD, up to 10% in non-GBP currency exposure, the remainder of the portfolio should be hedged back to sterling

All other sectors will be limited to a maximum of 30% of the portfolio (to include but not limited to: High Yield Securities, Loans, Asset-backed Securities, Convertibles, CLOs, Covered Bonds, Coco’s, Hybrids). Exposure to any one issuer should not be higher than 5%.

The Fund will also be unconstrained geographically, be a diversified portfolio, have no leverage taken at the portfolio/fund level, may use derivatives for hedging and efficient portfolio management, and the portfolio should be predominantly liquid. 

Successful candidates will need to be able to demonstrate:

  • a consistent, robust, repeatable, investment process;
  • low cost, fully transparent, value for money;
  • responsible investment as part of the investment process;
  • an actively managed portfolio;
  • full transparency (look through) with the ACS custodian

The tendering process is a three-stage process that will be fair, transparent and non-discriminatory. Initially, third parties are invited to tender through a SQ process using only the email address below. Successful applicants will then be invited to complete an RFP before a competitive dialogue and due diligence during final interviews and selection.

The closing date for the SQ submissions will be 12 noon BST, 30th June 2020 after which applications will not be accepted.  If you wish to apply, please register your interest to participate in the tender by sending an email to: globalmacfund@lgpscentral.co.uk

Our Partner Funds

Cheshire Pension Fund
Nottingham County Council
Staffordshire Pension Fund
West Midlands Pension Fund
Derbyshire Pension Fund
Leicestershire County Council Pension Fund
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