Taiwan’s Bureau of Labour Funds (BLF) has chosen two local and three foreign asset managers for a NT$55 billion (US$1.71 billion) domestic relative return equity mandate, six weeks after putting it up for tender.
The Taiwanese firms are CTBC Investments and Uni-President Asset Management, and the others are the local units of Germany’s Allianz Global Investors, UK-based HSBC Global Asset Management, and US-based J.P. Morgan Asset Management.
The BLF announced their appointments on its website on July 7.
The firms will each manage NT$9 billion for the Labour Pension Fund, and NT$1 billion each for the Labour Insurance Fund and the National Insurance Fund, three of the eight funds supervised by the BLF.
The target return on the investment is set at 100 basis points above the reference benchmarks, the FTSE4Good TIP Taiwan ESG Index and the Taiwan Sustainability Index, which track listed companies that demonstrate both profitability and sustainability, and stable long-term performance.
The eight annuity and pension funds overseen by the BLF had around NT$9.5 trillion of assets under management as of end-May.
