China's National Council Social Security Fund, Beijing, hired 10 investment management firms to run a total of $1 billion in overseas equity and fixed-income portfolios, according to an announcement on the $29.4 billion fund's website. It's the fund's first selection of non-Chinese investment firms to manage the fund's assets.
The managers will run five portfolios. Allianz Global Investors, INVESCO and a partnership between UBS and China International Capital Association will manage active Hong Kong equities; AllianceBernstein, AXA Rosenberg and State Street Global Advisors will manage global (ex-U.S.) equities; INTECH and T. Rowe Price will manage enhanced index U.S equities; AllianceBernstein, BlackRock and PIMCO will manage global fixed income; and BlackRock will handle foreign currency/cash. The fund did not disclose how much each manager will run.
Fund officials started searching for managers in April.