Taiwan’s Bureau of Labor Funds (BLF) has opened a tender for a US$2 billion global equity mandate, the first time it’s outsourcing investments this year.
The BLF will hire four asset managers, who will be appointed for five-year terms, with each managing $500 million. Of this, $400 million is for the Labor Pension Fund, Taiwan’s largest defined-contribution scheme, and $100 million for the National Pension Insurance Fund, according to the BLF’s request for proposal on May 8.
Applicants must have at least three years of investment experience, and a minimum $5 billion of assets under management in their global equity portfolios.
The portfolios must track major international benchmarks such as the MSCI All County Index and the FTSE All World Index.
Applications are open until June 12.
The BLF last outsourced investments in July 2022, for a $3 billion multi-sector absolute return fixed income mandate. The tender was won by six foreign managers, including T. Rowe Price International and Wellington Management.
The eight pension and annuity funds supervised by the BLF had NT$6.14 trillion ($200.03 billion) of total assets as of March 2023.
