Taiwan pension fund prepares second outsourcing

The civil service department is looking first for a consultant and last for a transition manager.

Taiwan's NT$140 billion $4.2 billion Public Service Pension Fund, a unit of the Ministry of Civil Service, is looking to hire an investment consultant by summer to help it conduct a second round of international investment mandates later this year. The consultant will also advise on the size and asset classes of the second tranche.

Foreign fund managers in Taipei expressed relief at the news. The PSPF chose five managers in December for its inaugural overseas investment, and industry sources say the whole thing came down to the lowest fee level. Although 40 firms put in bids, some houses held back because of the selection criteria, while other executives say they bid...

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