Korea Post has hired Mirae Asset Global Investments and two other local asset managers for its first ever socially responsible bond mandate.
The other two firms are KB Asset Management Co. and Heungkuk Asset Management Co, the government postal agency says in a statement on June 22.
Korea Post opened the tender for the domestic bond mandate for its insurance unit on April 20. The managers were each appointed for a one-year term.
The postal agency had invited bids for four asset managers for a socially responsible domestic equity mandate in February but hasn’t announced the results yet. This is also its first ever socially responsible equity mandate.
Korean government policies are helping to drive awareness of sustainable and responsible investing among asset owners. For example, the government announced in January that locally listed companies will be required to disclose their business activities related to environmental, social and governance matters by 2025.
Korea Post had around 134 trillion won (US$120.6 billion) of total assets at the end of 2020.