South Korea’s Construction Workers Mutual Aid Association (CWMAA) is looking to hire 21 asset managers for a bond blind fund in the group’s fifth tender of the year.
The fund will invest in foreign and domestic bonds, each targeting to reach at least 100 billion won (US$70.12 million) within three years, according to CWMAA’s request for proposal published on April 21. The initial investment sum wasn’t disclosed.
Eight of the asset managers will manage investments in foreign bonds, which will be benchmarked against the Barclays Global Aggregate Index, and 13 will oversee domestic debt benchmarked against the KIS Composite Bond Index.
Asset management firms bidding on the tender must have a minimum three-year track record of managing bond funds.
Applications are open until May 25 and the winning bidders are expected to be chosen by June 26.
CWMAA’s other tenders this year were for a 50 billion won domestic private equity and venture capital mandate, a 30 billion won US residential real estate loan mandate, a 40 billion won corporate loan fund mandate, and a domestic and foreign equity mandate of unspecified value.
Seoul-based CWMAA has around 4.6 trillion won of assets.