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Questions & Answers

General questions

Q: With regard to the minimum requirements set out in section 2.9 of the consultation guidelines, can you please confirm whether a UK based firm will be considered as an investment manager for these mandates? Alternatively, are UK firms excluded?

A: For the current request for proposals, FDC is still considering the United Kingdom as a member state of the EU and United Kingdom based firms holding the appropriate approval and authorisation as asset managers within the EU. This being said, the FDC can currently not foresee possible implications of the United Kingdom leaving the EU.

Q: Does the FDC consider a performance-fee based scheme for any Lot?

A: No, a performance fee structure is not an option for the FDC for any Lot.

Q: Is the maximum tracking error associated to each Lot a hard cap/limit?

A: The FDC expects that the tracking error will stay in the given range on an ex post basis. Investment managers will not be liable for a breach of the limit (the limit is a target/objective), but a consistent and on-going breach of the tracking error objective might be considered by the FDC as a reason to terminate a mandate.

Q: Are off-benchmark securities allowed for any Lot?

A: No, off-benchmark securities are not allowed for any Lot.

Q: Does the FDC have any preference for a concentrated vs. a well-diversified portfolio?

A: In a general way, the fund manager is free to set up the portfolio within FDC's guidelines and restrictions stated in the consultation documents. However, it is reminded that the respective sub-fund related to Lot 2 should be invested in at least 50 eligible assets issued by different issuers.

Q: Does the FDC have a preference for a fundamental vs. a quantitative approach? 

A: In a general way, the fund manager is free to define his investment approach/strategy within FDC's investment guidelines and restrictions stated in the consultation documents.

Q: Can a tendering company propose multiple strategies?

A: Each tendering company should decide which of its strategies best suits the investment objective and guidelines of the FDC and that given strategy should be used in the current request for proposals. One single proposal can not include several strategies.

Q: For Lot 2 only, does the FDC consider engagement (at company level) as a selection criteria?

A: Engagement (at company level) is not considered as a specific selection criteria by the FDC?

Questions about the Questionnaire

Q: With regard to question 3.4 and Lot 3, would it be acceptable to include the green bond portion managed throughout other mandates or dedicated funds?

A: No, for Lot 3 question 3.4 explicitly asks for green bond mandates so please only indicate such mandates. In a general way, "carve outs" are not accepted with regard to question 3.4.