Korea Investment Corporation (KIC) is seeking a global custodian bank with at least US$5 trillion of assets under custody to provide trustee and administrative services for the sovereign wealth fund’s investments.
The bank will be appointed for a three-year term, which may be extended for up to two more years subject to performance, KIC says in its request for proposal on April 27.
The winning bidder will be responsible for providing core custody services. Thus includes securities and fund settlement and tax services, fund accounting and administration, and alternative asset management services.
Apart from the minimum custody asset requirement, applicants must have business covering at least 60 markets globally, and a local office or branch in Korea.
Applications are open until June 7, with on-site evaluation and selection scheduled by July 18.
Seoul-based KIC had around US$200 billion of assets under management at the end of 2021.