GSIS in search for three local managers
26 June 2013
News, Asia, Philippines
By Asia Asset Management
The Government Service Insurance System (GSIS) of the Philippines is looking to appoint three local equity fund managers to manage a total of 2 billion pesos (US$45.8 million). Prospective applicants are required to have at least 5 billion pesos of assets under discretionary management, all of them in equities, according to information posted on its website. Fund managers are also required to have a five-year track record and have average total assets of at least 1 billion pesos in the last three years.
The GSIS is a social security fund for government employees. According to its website, the principal benefit package of the GSIS consists of compulsory and optional life insurance, retirement, separation, and employee's compensation benefits.
The GSIS is expecting to set aside a sum of 5 million pesos as fees for the three managers, meaning that based on the total amount outsourced, the fund management fee for each successful manager is 0.25%. Applications for the mandates close on June 28.
For the period to September 30, 2012, the GSIS reported total assets of 692 billion pesos, up from 622 billion pesos a year earlier, representing an increase of 11.18%.
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