A UK investor is searching for a global syndicated/leveraged loans manager to a potential GBP 200 Million mandate. The manager will initially be selected for our manager bench, and based on subsequent performance an allocation could be possible within 6-12 months.
• a truly global strategy (so not with 80 US / 20 EU benchmark at best, more like 50 US / 50 EU market comparator),
• bottom-up driven,
• not overly diversified (ie not with >200 issuers),
• unconstrained with a decent sense of dynamic risk-taking and capital preservation,
• and a decently sized varying allocation to Europe/UK (but can have a lot more than 20% in EU loans if the opportunity is there, or zero if not there but not always 15-20% as benchmarked managers do),
• net alpha >1% annually
We do not need evidence of an existing mandate doing exactly what we want, but we need to be able to identify a proposition that could potentially meet our expectations. For example, the information could be provided on existing more diversified mandates in both US and European loans or within more concentrated seg accounts.
We don’t have set performance or volatility objectives. We want the manager to take the right decisions. We don’t want to change a manager’s way of working or DNA, but we do need a manager that is able to dynamically add risks to the portfolio in a way that makes them perform well over time in a risk-adjusted compounding manner.
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