Taiwan’s Bureau of Labor Funds (BLF) has appointed five US firms as well as UK and South Africa-based Ninety One to manage a US$3 billion multi-sector absolute return fixed income mandate.
The US asset managers are Loomis, Sayles & Company, Pacific Investment Management Company or Pimco, PGIM Inc, T. Rowe Price International and Wellington Management.
BLF sought bids for the mandate four months ago and announced the winners in a statement on November 1.
The six firms will manage the investment for five years on behalf of the Labor Pension Fund, Taiwan’s largest defined-contribution retirement plan.
This is BLF’s second tender of 2022 after a $2.3 billion global climate change mandate in March, which was also won by foreign firms. They are HSBC Global Asset Management, Legal & General Investment Management, Schroder Investment Management, Morgan Stanley Investment Management, and Wellington Management Company.
BLF oversees eight pension and annuity funds with NT$5.55 trillion ($172.5 billion) of total assets under management as of September 2022.
