Greater Manchester Pension Fund, Manchester, England, is searching for active multicredit managers for two separate allocations, said an announcement on European procurement website Tenders Electronic Daily.
One of the allocations is for an estimated £650 million ($983 million). The selected firm or firms will invest in multiple categories of “higher-yielding debt. … Any exposure to lower-yielding investment-grade credit or government bond markets (is expected) to be a function of downside protection rather than for income generation,” according to the announcement. Hedge fund strategies will not be considered.
A second higher-quality credit allocation is expected for an initial £100 million. The selected firm or firms will invest in “a number of shorter-dated credit related opportunities, including loans and high-yield debt,” the announcement states. An average credit rating of A is expected. Hedge fund strategies again will not be considered.
Funding sources could not be learned.
The RFP is available online on The Chest, a local authority procurement portal.
Proposals are due Aug. 8. A timeline for a hiring decision could not be learned by press time.
An official at Tameside Metropolitan Borough Council, which administers the £16 billion GMPF, and an official at Hymans Robertson, which is assisting with the search, could not be reached for additional information by press time.