Taiwan’s largest pension fund hiring managers for $3 billion bond mandate

HONG KONG (Reuters) – Taiwan’s largest pension fund is seeking to hire global asset managers to run a bond portfolio totalling $3 billion.

The Bureau of Labour Funds, administering $5.8 trillion ($190 billion) worth of Taiwanese pension assets, started to look for six foreign asset managers on Tuesday, the fund said in a statement.

Each of the hired managers will be awarded $500 million in assets to run, the pension said, and will have to adopt a total-return bond strategy.

Last month the fund awarded a mandate to the fund management arms of HSBC, Morgan Stanley and three others to run Asia’s first climate change-focused fund with $2.3 billion in assets.

(Reporting by Selena Li; editing by Jason Neely)