South Korea’s Scientists and Engineers Mutual-aid Association (SEMA) has opened a tender for an absolute return foreign bond fund mandate.
The fund will have a three-year investment period and focus on income credit, long-short strategies, asset allocation, arbitrage, and multi-strategy approaches, according to SEMA’s request for proposal on November 26. The value was not disclosed.
Asset management firms bidding on the tender must have at least 500 billion won (US$340 million) of global bond assets.
Applications are open until December 5 and two winning bidders are expected to be hired by December 29.
SEMA manages pension contributions of more than 75,000 scientists and engineers, overseeing around $7.7 billion of assets.
