Korea Post has opened a tender seeking two asset management firms to oversee a global dividend equity mandate of up to US$132 million.
The investment, which is for Korea Post’s savings unit, will be benchmarked against the MSCI ACWI High Dividend Yield Net Total Return Index, according to the government postal agency’s request for proposal on May 22.
The winning bidders will have to set up a dedicated vehicle for the investment in collaboration with Korea Investment Management Co and Mirae Asset Global Investments Co, the postal agency’s advisers for foreign equities.
Firms bidding on the tender must have a minimum three years of experience managing global dividend equity funds with at least $300 million of assets under management.
Applications are open until June 8 and the winning bidders are expected to be appointed by the end of August.
Korea Post has around 150 trillion won (US$99.5 billion) of assets.
