Singapore’s National Council of Social Service (NCSS), which sought asset managers for a S$230 million (US$198 million) investment mandate, received bids from 17 local and foreign firms.
They include UK asset manager abrdn, Germany’s Allianz Global Investors, Eastspring Investments, the asset management arm of UK insurer Prudential plc, and homegrown Fullerton Fund Management and Lion Global Investors.
The information was posted on GeBiz, Singapore’s e-procurement portal where public sector tenders are posted.
The NCSS tender closed on May 13.
The winning bidder or bidders will be appointed for a three-year term starting July 1 with the option of a two-year extension.
The NCSS is an umbrella body of over 500 social service organisations.