South Korea’s Public Officials Benefit Association (POBA) is looking for two domestic asset managers to oversee US$50 million of Chinese stock investments, just days after outsourcing its first ever China mandate.
Managers must have a minimum three-year track record of investing in Chinese equities, and over 100 billion won ($83.2 million) of assets in their China equities portfolio, in order to be eligible to apply, POBA says in a statement on July 9.
The move comes after the pension fund hired three domestic managers last week for its first ever Chinese equities mandate worth $70 million, a spokesperson for POBA tells Asia Asset Management.
She did not disclose the names of the companies. POBA does not officially announce the results of its mandates.
The spokesperson says there are no plans to hire foreign managers for Chinese investments any time soon.
Applications for the new mandate are open until July 22 and the pension fund will evaluate candidates later in the month.
POBA, a pension and welfare fund for around 250,000 local government public servants, has approximately 15.6 trillion won of total assets currently.