Taiwan's Bureau of Labor Funds is seeking external managers for $2.3 billion of global multiasset and $1.6 billion in global infrastructure securities allocations.
Taipei-based BLF, which oversees six retirement and insurance funds with combined assets of $170 billion, said the bureau's $92.1 billion Labor Pension Fund — a defined contribution plan — is looking to invest an estimated $1.4 billion with four global infrastructure equity managers, with each manager running $350 million.
The bureau's $31.5 billion Labor Retirement Fund, meanwhile, will award an additional $240 million, or $60 million apiece, to four global infrastructure securities managers.
The Labor Retirement Fund, a defined benefit plan, is older than the defined contribution Labor Pension Fund, but the latter has long since overtaken as the BLF's biggest retirement plan.
BLF said the Labor Pension Fund will also invest an estimated $2 billion, or $400 million each, with five managers of global multiasset strategies, while the bureau's $13.9 billion National Pension Insurance Fund will invest another $300 million, or $60 million apiece, with five managers.
Managers interested in applying must have been established for at least three years through Sept. 30 and have global assets under management of at least $5 billion. The track record for investment strategies being offered up for consideration must be at least three years, with performance data provided for the three years ended Sept. 30.
Application documents in English and Chinese can be downloaded from the bureau's website. Applications should be submitted before 5 p.m. Taipei time on Nov. 30. Completed applications should be sent by courier to the Secretariat Office of the Bureau of Labor Fund, 10F, No.6, Sec. 1, Roosevelt Rd., Zhongzheng Dist., Taipei, Taiwan.
Applications for global infrastructure securities and global multiasset mandates should not be included in the same envelope, a BLF spokesman said.