EUROPE - The European Central Bank is looking to appoint investment managers and a custodian to its e70m retirement plan.
Firstly, the ECB is calling for expressions of interest for passive managers for a mix of euro equities, non-euro equities, euro bonds and euro cash.
Additional active asset classes, for example global bonds and emerging markets equities, may be used at later date.
Managers must be able to demonstrate at least e1bn under management at December 31, 2002, and a record covering at least three for each of the passive asset classes.
For emerging markets equities, managers must have active assets under management with a global content worth around e1m - including emerging markets from at least three world regions.
Regarding custodian services, successful candidates must be able to provide daily reporting, performance measurement and unit pricing. Applicants should have at least e20bn total assets under custody at the end of December.
Deadline for expressions of interest in all cases is August 11, 2003.
Interested parties should contact [email protected]
The ECB scheme was set up in July 1998. It comprises two sections, including a core benefit account which is made up of ECB contributions. Benefits are provided on a defined contribution basis but are subject to minimum benefit guarantees and a maximum benefit limit. The scheme also has a flexible benefit account made up of employee contributions. Benefits are provided on a defined contribution basis and employees have a limited investment choice between structured risk related investment funds, plus cash.
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