NORWAY - Norway's giant E81bn Statens Petroleumsfond (Government Petroleum Fund) has issued a manager search for two new sector equity mandates worth a combined US$1.3bn.
The search - carried out through Norges Bank Investment Management - covers the consumer area, media and services and consumer staples/defensives.
NBIM said that these latest tenders are part of a specialist approach aimed at exploring stock specific risk to add value to the overall portfolio.
The fund will place some US$500m in active specialist sector mandate(s) within consumer staples/defensives.
For consumer cyclicals, media and services, it is looking to commit around US$750m. There is a preference for focused products managed against benchmarks such as automobiles & parts, or narrow compilations of sectors such as leisure, entertainment & hotels + media & photography.
All mandates will have an expected average tracking error of approximately 5%, and will be benchmarked against FTSE World Index sectors.
In both cases, managers are asked to specify a regional (Europe, Americas or Pacific incl-Japan) or global preference on which individual benchmarks and contracts can be based.
All mandates will be around the US$200m mark in the first instance.
Managers with multiple, distinct products to put forward within the broader area should apply individually for each product.
Further details can be found at www.norges-bank.no/nbim.
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