Global Credit – SEGSC12

Global Credit – Assisted Search SEGSC12
Deadline: Thursday 25th June

A UK pension scheme is running an assisted search for a global credit manager for their DB scheme. In the long term, they are looking for a manager to run either a segregated credit portfolio against the Bloomberg Barclays Global Aggregate Corporate index (hedged to GBP) but may be interested in accessing the strategy via a Pooled Fund with the same/similar benchmark initially. The manager is expected to be open to in-specie transactions to Pooled Fund, and Pooled Fund to Segregated account.

All applicants will be required to complete additional information in an excel sheet that Natasha Fletcher will send to you when you apply to her with your fund name; this is in addition to our standard CAMRADATA database entry requirements. This is due to the requirements for this search being very specific.

If you would like to put a vehicle, or a number of vehicles, forward for this search then you must contact me with the name of the vehicle that you would like to propose and I will then send you the spreadsheet to fill in. All funds being proposed must be listed in CAMRADATA Live and returns must be up to date i.e. to 31st March 2020.   

Search Requirements 

Deadline Thursday 25th June 2020 

Asset Class
Global Credit


Bloomberg Barclays Global Aggregate Corporate index (hedged to GBP) 

GBP hedged

Performance Target

Segregated / fund of one

Size of Potential Mandate

£350m growing to c£750m in 1-2 years
 Track Record 
Minimum 5 year track record required

Tracking Error
Other Requirements We would like opportunistic exposure to securitised credit, capped at 15%Max non-IG exposure of 20%ESG exclusions for companies involved in:
– tobacco manufacturing;
– thermal Coal mining (the mining of coal to be burned to create electricity), specifically where this makes up more than 25% of revenues;
– cluster Munitions;
– white Phosphorus; and
– landmines.
– We will need you to confirm that the vehicle you are proposing conforms to all of these criteria please. 

Given they are suggesting an allocation of up to 15% in securitised credit, further information on capabilities in securitised credit is required as below and these responses can be made on the attached excel sheet that Natasha Fletcher will send to you:

The client requires a performance fee % proposal at mandate level, assuming a 5bps management fee, performance hurdle of benchmark +100bps, with annual performance fee crystallisation and fee cap of 100bps for this mandate. They will be filtering on this metric at the initial stage.

To submit a fund please email