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Korea arts non-profit IFAC opens tender for domestic bond mandate

IFAC
By Hui Ching-hoo   
June 8, 2021

South Korean non-profit organisation Incheon Foundation for Arts and Culture (IFAC) is inviting bids for a 20.49 billion won (US$18.5 million) domestic bond mandate.

IFAC will appoint one asset manager for a two-year term, which could be extended based on the investment performance, the non-profit says in its request for proposal on June 4.

According to the document, the mandate’s targeted rate of return must be at least 50 basis points higher than the Bank of Korea’s benchmark savings rate, which is currently 1.5%.

IFAC says it must also be able to withdraw the mandate amount anytime throughout the investment process.

Applicants can be local or foreign firms. But foreign firms must have a local team or office in Korea.

Applications are open until June 15, and evaluation and manager selection are scheduled for June 21-28.

IFAC supports arts and culture in Incheon, Korea’s third-largest city, located in the northwest of the country.

The non-profit’s website does not disclose any details about its assets or number of members, and no English speaking representative could be reached to provide the information.