Korea Post has opened a tender seeking three asset managers for a domestic large-cap stock mandate tracking the KOSPI 200 Total Return Index.
The winning bidders will manage the investment for Korea Post’s insurance and savings units. They will be appointed for a one-year period, according to the government postal agency’s request for proposal on June 15.
The value of the mandate was not disclosed.
Asset management firms bidding on the tender must be registered in Korea, and hold a minimum 50 billion won (US$33 million) of equity fund assets, including at least one Korean large-cap fund.
Applications close on June 26, with evaluation and manager selection scheduled to be completed by the end of July.
Korea Post has around 150 trillion won of assets.
