South Korea’s Military Mutual Aid Association (MMAA), a pension fund for military service personnel and civilian employees, is looking to hire asset managers for a domestic passive equity mandate worth around US$40 million.
The mandate covers exchange-traded funds (ETFs) linked to all local securities, the MMAA says in a statement posted on the website of asset management industry group Korea Financial Investment Association on August 10.
The fund didn’t specify the value of the tender, or the number of managers it plans to hire.
A spokesperson for MMAA tells Asia Asset Management that the mandate is worth around $40 million, and that the fund is looking to appoint two or three local managers.
The mandate is benchmarked against the Korea Composite Stock Price Index.
Eligible applicants must have a minimum one-year track record in domestic equity ETFs and at least 100 billion won ($84.4 million) of total assets in their domestic equity portfolios.
Applications are open until August 21, and evaluation and due diligence are scheduled to be carried out in September.
Seoul-based MMAA has around 11 trillion won of assets under management currently.