South Korea’s Construction Workers Mutual Aid Association (CWMAA) is seeking bids from local financial institutions to manage its 14 billion won (US$10.02 million) defined-benefit pension scheme for staff members.
The group will pick up to three financial institutions for the mandate, CWMAA says in a request for proposal published on November 18. The winning bidders will be appointed for three years.
Institutions bidding on the tender must be experienced in operating asset and pension management business in Korea.
Applications are open until November 29 and the winning bidders will be selected by December 4.
Seoul-based CWMAA provides welfare programmes and retirement savings services for 5.5 million construction workers.
The group has around 4.6 trillion won of total assets. The defined-benefit pension scheme covers its 220 staff members.