South Korea’s Mirae Asset Global Investments is looking to outsource management of some of the assets from its pension fund investment pool.
The firm is seeking bids from fund houses to manage the assets, comprising Korean bonds, money market funds and active equity strategies.
The request for proposal was published on the Korea Financial Investment Association’s website on January 31.
Mirae did not specify the value of the assets or the number of firms it plans to hire.
Applicants for bond and money market strategies must have at least 100 billion won (US$81.18 million) of related assets, while bidders for active equity strategies must have a minimum 50 billion won.
Firms bidding on the tender must not have recorded any net losses over the past two years. Applications are open until February 6.
The company has appointed local consulting firm KG Zeroin Co to help evaluate manager selection.
Mirae last outsourced investments in June 2022, when it sought bids for a $150 million-$200 million global multi-asset strategy. Like most Korean financial institutions, the company did not announce the tender results publicly.
Mirae, Korea’s largest asset manager, had $198 billion of assets under management as of December 2022.