Taiwan's newly established Bureau of Labour Funds – which now oversees the country’s $83 billion in public retirement assets – is putting together its first investment plan.
Taiwan’s Bureau of Labor Insurance is seeking five fund managers to manage a domestic portfolio with a wide range of permitted asset classes.
Taiwan's Bureau of Labour Insurance picks BNY Mellon for a $1 billion custody and admin mandate, and may add an external manager for its growing overseas investments.
The Bureau of Labour Insurance will select just one custodian bank for the renewable five-year contract as it looks to broaden its international asset allocation.
The Bureau of Labor Insurance names MFS, BlackRock and Amundi to manage $200 million each. They were selected on the strength of their developed market expertise.
The Bureau of Labour Insurance continues to outsource its overseas investments with three new mandates totalling $600 million.