Korea's Woori Asset Management, in conjunction with Woori Investment Securities, is inviting firms globally to submit single strategies for a hedge fund of funds mandate for an institutional client.

The firm is seeking offshore strategies in the following categories: equity long/short, credit long/short, event driven (equity), global macro, commodity trading adviser and multi-strategy. For the latter category, only internal multi-manager/funds of hedge funds are eligible.

Managers must have at least $1 billion in pure hedge fund assets under management and funds at least $300 million in AUM and a seven-year track record. Woori wants to see historical performance from inception to May 30.

It can offer monthly or quarterly redemptions, with a hard lock-up of less than one year and investor-level gate no higher than 25%. It should report official net asset value at least monthly, and weekly estimates are preferred.

The proposed funds need not be registered in Korea, but managers must have or appoint a local placement agent. If a chosen firm is without a local placement agent, Woori will provide that service.

The deadline for submissions is July 25, and a qualitative screening is slated for August. Chosen candidates will then be asked to give a presentation in September, with a view to funds being selected for due diligence.

Dealing with RFP enquiries are Oh Kyu at Woori Investment Securities (kyu.oh@wooriwm.com) and Kim Taehyun at Woori AM (taehyun.kim@wooriam.com).

Hedge funds seem to be growing in popularity in Korea, with the likes of Korea Investment Corporation and Korea Post looking to increase their allocations to such strategies.

Meanwhile, the country now has a nascent hedge fund industry, which was initiated in December 2011. It has since seen the markets regulator introduce rule changes with a view to helping it grow.

But some investors, such as Korea's $400 billion National Pension Service, have noted the sector will take time to mature and that offshore strategies will remain their main focus until then.