Korea’s iM Life Insurance Co has opened a tender seeking asset managers for a 1.1 trillion won (US$772 million) multi-asset allocation fund that will invest mostly in domestic and foreign bonds and stocks.
The fund is a guaranteed annuity product designed to generate “long-term stable returns” for clients, with 51% of assets allocated to Korean and foreign bonds, 38% to Korean and global equities, and 11% to liquid assets, according to iM Life’s request for proposal on February 25. The document does not specify how many asset management firms will be appointed.
Asset managers bidding on the mandate must have at least three years of experience managing multi-asset strategies.
Applications are open until March 11 and the winning bidders are expected to be chosen by the end of next month.
Seoul-based iM Insurance, formerly known as DGB Life, specialises in life insurance, health insurance, pension products, and accident coverages.
