South Korea’s Military Mutual Aid Association (MMAA) is looking to hire a Korean asset manager to oversee a foreign equity mandate of undisclosed value.
The investment will be structured as a fund of funds that will focus on US, Japan, Vietnam and India equities, MMAA says in a request for proposal on September 15.
Firms bidding on the mandate must have a minimum three-year track record managing overseas equity funds, and a portfolio with at least 100 billion won (US$75.3 million) of foreign equity fund assets. This must include more than 50 billion won of US equity funds and over 10 billion won each in Japan, India, and Vietnam equities.
Applications are open until September 22 and the winning bidder will be appointed by the end of October.
This is the first time since November 2022 that the MMAA is outsourcing investments.
According to figures from the Sovereign Wealth Fund Institute, the military fund has around $11.21 billion of assets under management.