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

17 June 2020

Staples

LGPS Central Limited publishes on its website:

“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. “

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