South Korean sovereign wealth fund Korea Investment Corporation (KIC) is looking to hire a domestic or foreign financial institution to provide middle-office investment services for its US$181 billion investment portfolio.
The institution will be responsible for offering transaction management services including trade matching and settlement, as well as over-the-counter derivatives trading services such as valuation of products, KIC says in a request for proposal on September 2.
The five-year appointment will also cover collateral management, and data and reporting services.
Foreign firms bidding on the tender must be rated the top triple-A grade by international ratings agencies and also have offices in Korea.
Applications are open until October 8 and the winning bidder will be chosen by November 26.