US - The Iowa Public Employees Retirement System (IPERS) is searching for a manager to run a global multi-strategy, multi-asset class investment portfolio that will provide the "alpha" in a portable alpha strategy.
IPERS plans to allocate US$200,000.
The product must not have a beta objective and must deliver returns above a cash benchmark. It should also have a risk objective of 5% or less, IPERS said.
The manager may also be asked to provide a bundled product where S&P 500 Index derivatives are used to port large-cap US equity exposures onto the alpha product, the scheme said in the request for proposals. But the main focus of the RFP is to evaluate the alpha product, it added.
The pension fund's general consultant, Wilshire Associates, has already compiled a list of managers, but other firms are still able to apply, IPERS said. Proposals are due September 1.
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