South Korea’s Public Officials Benefit Association (POBA) has put two overseas equity fund mandates up for tender.
One is a regular fund benchmarked against the MSCI All Country World Index, and the other is an active fund-of-funds.
POBA plans to hire two asset managers for each of the mandates, according to its request for proposal on March 6. The document does not disclose the value of the mandates.
Asset managers bidding on the fund mandate must have at least 1 billion won (US$678,000) of foreign equity fund assets.
Applicants for the fund-of-funds mandate must be experienced in managing multiple global equity funds.
The four winning bidders are expected to be chosen within a month after the tender closes on March 16.
POBA, a pension and welfare fund for around 250,000 local government employees, has around $17 billion of assets under management.
