Taiwan’s LPF picks managers for US$300 million global credit bond mandate
03 June 2014
Category: News, Asia, Global, Taiwan
By Hui Ching-hoo
Taiwan’s Labor Pension Fund (LPF) said that its defined contribution (DC) New Scheme has granted funding of US$300 million for its global credit bond mandate to BlackRock, Bluebay, and Loomis Sayles.
Each of the appointed managers last month received a quota of $100 million, according to an announcement on the LPF’s website. Barclays Capital Global Aggregate Credit Index has been used as the benchmark for the mandate.
The LPF has been stepping up its efforts to raise its overseas and alternatives exposure. Its defined benefit (DB) Old Scheme, or the Labor Retirement Fund, earlier appointed Cohen & Steers and Lazard to oversee its first global listed infrastructure mandate, despite the funding not having yet been dispersed
Up to the end of April, the LPF’s outsourced mandates had secured a year-to-date return of 3.83%, while its in-house mandates recorded a year-to-date return of 1.02%.