South Korea’s Government Employees Pension Service (GEPS) has opened a tender for a 400 billion won (US$308.15 million) foreign bond mandate, focusing on exchange-traded funds and government debt.
It will hire two asset managers for the mandate, which is benchmarked against the Barclays Global Aggregate Index, GEPS says in its request for proposal on December 13.
Applicants must have at least 60% allocation to foreign bonds in their fixed income portfolios. Foreign applicants must have a local office in Korea.
Applications are open until January 13, 2023 with evaluation and manager selection scheduled by February 20.
This is GEPS’s second tender of 2022. The first, in May, was for a $100 million global private equity mandate. Like most Korean asset owners, it didn’t name the winning bidders publicly.
GEPS, a quasi-government body that provides pension services for civil servants, manages around $17 billion of assets for 1.25 million members.
