Taiwan’s Bureau of Labor Funds (BLF) has named four foreign asset managers, including US asset management giant BlackRock, as winners of a US$1.6 billion global climate action passive equity mandate that was tendered out four months ago.
BlackRock Financial Management, HSBC Global Asset Management (UK), State Street Global Advisors Singapore and UBS Asset Management (Singapore) were appointed for five years to manage the investment for the Labor Pension Fund, Taiwan’s largest defined-contribution retirement scheme.
The BLF announced the names of the winning bidders on its website on June 14.
The investment is benchmarked against the MSCI World Climate Action Index.
The BLF supervises eight pension and annuity funds with NT$7.71 trillion ($261 billion) of combined assets as of April 2025.
