SEARCHES AND HIRES

Jersey’s Common Investment Fund launches absolute-return bond search

States of Jersey-Common Investment Fund, Saint Helier, is searching for a manager to run a £130 million ($166 million) absolute-return bond portfolio, said Simon Hayward, director of treasury operations and investments at the States of Jersey.

The objective of the portfolio, which is part of the £3.5 billion reserve fund's £400 million absolute-return bond strategy, is to preserve capital and to achieve positive returns regardless of market conditions, according to a note on a procurement website ProContract.

The manager is expected to invest in a wide array of fixed-income instruments, currencies and derivatives, the note added. The selected firm will be allowed to take both long and short positions.

The search notice is available on ProContract. Proposals are due by noon British Summer Time on June 19. A hiring date was not provided.