Taiwan’s Bureau of Labor Funds (BLF) is looking to hire six asset management firms for a US$3 billion multi-sector absolute return fixed income mandate, its second investment tender of 2022.
The asset managers will oversee the mandate on behalf of the Labor Pension Fund, Taiwan’s largest defined-contribution retirement plan, one of the eight pension and annuities funds supervised by the BLF.
Winning bidders will be appointed for a five-year term, BLF says in a request for proposal on July 5.
Applicants are required to have a minimum three-year investment track record and a global portfolio with a market value of at least $5 billion, including securities investment consulting business.
Applications are open until August 10. The schedule for evaluation and manager selection was not specified.
BLF’s first investment tender of the year was in March, when it called bids for a $2.3 billion global climate change mandate.
It was won by five foreign firms: HSBC Global Asset Management, Legal & General Investment Management, Schroder Investment Management, Morgan Stanley Investment Management, and Wellington Management Company.
The eight pension and annuities funds overseen by BLF had NT$5.82 trillion ($195.2 billion) of total assets as of May 2022.
