Korea’s Public Officials Benefit Association (POBA) has opened a tender for custody and investment services for its domestic equity investments.
The group will hire three financial institutions – a custodian bank, a fund evaluation agency and an investment administration service provider – for three years, according to its request for proposal on March 10. The value of the investments was not disclosed.
Financial institutions bidding on the tender must have at least six months of experience in related businesses and have to be locally registered.
Applications are open until April 1 and the winning bidders are expected to be announced within the month.
POBA provides retirement and welfare services for local government officials and their families, managing assets worth over US$16 billion.
