By Emily Song

The Public Service Pension Fund (PSPF), the pension fund for Taiwan’s 191,000 current and retired civil servants, has announced the results of its latest outsourcing of global equity mandates.

Allianz Global Investors and Schroders Investment Management have been appointed for global equity briefs of US$250 million each while Fidelity Investments and UBS Global Asset Management (Singapore) Limited have been selected to manage Asia-Pacific equities for US$200 million each. The mandates are for four years.

The PSPF administration committee says the appointees were selected based on their performance against the respective benchmarks, in this case, they were the MSCI World index and the MSCI Asia-Pacific Index (ex-Japan and ex-Taiwan).

Taiwan’s First Bank in association with JP Morgan Chase Bank was selected as the custodian bank to undertake the outsourcing from PSPF.PSPF uses two global custodians, the other being Citi.