South Korea’s Local Finance Association (LOFA), a government agency that provides aid for reconstruction efforts in disasters, has opened tenders for two 10 billion won (US$8.15 million) equity fund mandates, one domestic and one foreign.
Both will focus on public offerings, collective investment schemes, private placements, discretionary funds, and exchange-traded funds.
The domestic mandate is benchmarked against the KOSPI 200 and the foreign mandate is benchmarked against the MSCI ACWI Index.
LOFA will select one asset manager for each mandate, the agency says in its request for proposal published on the website of the Korea Financial Investment Association on April 13.
Applicants must have at least 100 billion won of assets under management, and should not have any record of business suspension over the past three years. Foreign applicants must have local management personnel in Korea.
Applications are open until April 27 and evaluation and manager selection is scheduled by June 3.