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Korea’s POBA seeks local manager for foreign equity mandate

POBA
By Hui Ching-hoo   
June 21, 2021

South Korea’s Public Officials Benefit Association (POBA) is looking to hire a local asset manager for a foreign equity mandate of unspecified value.

The manager will be appointed for a one-year term, which could be extended to three years based on the investment performance, POBA says in its request for proposal on June 16.

Applications are open until June 25. Evaluation and due diligence are scheduled to start from June 30.

POBA didn’t provide details of eligibility requirements, or the benchmark for the mandate. The POBA official responsible for the tender did not immediately respond to questions from Asia Asset Management.

This is the fund’s first tender of 2021. Its last tender was in November, when the fund called bids for a 300 billion won (US$270 million) domestic real estate mandate. POBA hired local alternatives manager KORAMCO Asset Management for the mandate in February.

POBA, a pension and welfare fund for around 250,000 local government civil servants, had 14.3 trillion won of total assets at the end of 2019, the latest available figure.