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Annex 1: AERSS Investment Management Provider Procurement Specifications | ||||
| Item | Fund A | Fund B | Fund C | |
| 1 | Fund focus | Lower risk retirement savings arrangement | Medium risk retirement savings arrangement | Higher risk retirement savings arrangement |
| 2 | Fund type | UCITS | ||
| 3 | Design characteristics | A benchmark-aware approach to strategic asset allocation, unitised, open-ended, daily dealing | ||
| 4 | Base currency | EURO | ||
| 5 | Domicile | Ireland | ||
| 6 | Management Approach | Passive Management | ||
| 7 | Risk Levels | 1 or 2 per Section 69 of the AE Act (e.g. ESMA) | 3 or 4 per Section 69 of the AE Act (e.g. ESMA) | 5, 6 or 7 per Section 69 of the AE Act (e.g. ESMA) |
| 8 | Benchmark | To be proposed by Tenderer | To be proposed by Tenderer | To be proposed by Tenderer |
| 9 | Hedging | Permitted | ||
| 10 | Date of Inception | (a) The fund's date of inception must be at least three years prior to the tender submission date OR (b) In the event that the Tenderer proposes to establish a new fund specifically for AE, they must provide details of any existing fund/strategy being replicated. This includes, but is not limited to, the existing fund/strategy's date of inception (at least 3 years prior to the tender submission date), performance history, investment strategy and key characteristics to demonstrate alignment and comparability with the proposed AE-specific fund | ||
| 11 | Permitted active risk relative to the Fund’s benchmark | Maximum 2% | ||
| 12 | Investment objective | To replicate the performance of the benchmarks proposed as closely as possible, in the interest of AE Participants, ensuring low tracking error and cost efficiency | ||
| 13 | Investment strategy | Provide passively managed UCITS in line with the specified risk ratings, the investment principles set out at Section 4.5 of Annex 2 and benchmarks proposed suitable for AE Participants | ||
| 14 | Share Class | Accumulating | ||
| 15 | Sustainability reporting | SFDR article 6, 8 or 9 | SFDR article 8 or 9 | SFDR article 8 or 9 |
| 16 | Stock Lending | Permitted in line with EU regulation Securities Financing Transactions Regulation (SFTR) | ||
| 17 | Investment in other funds | Not Permitted | ||
| 18 | Investment limits | UCITS regulations dictates the investment limits | ||
| 19 | Leverage | UCITS regulations dictates the leveraging restrictions | ||
| 20 | Derivatives | Permitted in line with the AE Act 2024 and as per UCITS regulations | ||
| 21 | Reporting | Daily unit prices and unit positions sent to the Managed Service Provider by an agreed daily deadline | ||
| 22 | AMC | Maximum of 10bps on AUM |