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Matthias Knab, Opalesque for New Managers:

The Des Moines based Iowa Public Employee' Retirement System (IPERS) has issued an Request for Proposal (RFP) to evaluate absolute return strategies currently offered in the marketplace, with the intent to hire several investment management firms to execute absolute return investment strategies on behalf of the System.

The total mandate value is undecided and subject to the opportunity set and discretion of IPERS. Each Manager's allocation within the mandate will be determined by IPERS. A Manager will have full discretion to manage their account consistent with IPERS' Investment Policy & Goal Statement and the terms of the contract between IPERS and the Manager.

The RFP defines an Absolute Return "Product" to be any strategy that generates returns (or its excess returns) in a fashion uncorrelated to standard market betas. There are no restrictions on the underlying asset classes or financial instruments used to generate the return. The strategy return can be delivered through a collective fund, separately managed account, linked note or a custom index. The strategy (or its excess returns) is expected to have a long-term beta of less than 0.4 to global equity markets, global rate markets, global credit markets and commodity markets.

To be considered as a manager for the purpose stated above, firms submitting proposals must meet t......................

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