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Korea military fund seeks bids for domestic equity mandate

Pension fund
By Hui Ching-hoo   
March 22, 2021

South Korea’s Military Mutual Aid Association (MMAA), a pension fund for military service personnel and civilian employees, is looking to hire ten local fund managers for a domestic equity mandate.

The mandate is for an actively managed fund. The managers chosen will be responsible for setting up a fund pool, the size of which hasn’t been finalised, MMAA says in a statement posted on the website of the Korea Financial Investment Association on March 19.

Applicants must have at least 10 billion won (US$8.8 million) of total assets, including 100 million won of domestic equity investments.

Applications are open until March 25. Evaluation and manager selection are scheduled to be carried between April 2 and April 23.

The tender comes eight months after the pension fund called bids for a $40 million domestic passive equity mandate. Like most South Korean pension funds, MMAA did not publicly announce the winning bidders.

Seoul-based MMAA has around 11 trillion won of assets under management currently.