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Taiwan pension seeks four securities investment managers

by Reg Clodfelter

The $43.6 billion Taiwan Labor Pension Fund is seeking two global real estate securities investment managers and two global infrastructure securities investment managers, all four of which are to receive commitments of $100 million. Applicants must be established for more than three years as of Sept. 30, with at least $5 billion in assets under management. Additionally, applicants must operate branch institutions, operation venues or service teams within Taiwan.

The target return for the global real estate securities managers is the annual net rate of return of the FTSE EPRA/NAREIT Developed Index plus 200 basis points. The index presently comprises 70 percent REITs and 30 percent listed equities. The target return for the global infrastructure securities managers is the annual net rate of return of UBS Global 50/50 Infrastructure & Utilities Index plus 200 basis points. The index includes utilities, transportation, telecommunications, and oil and gas pipeline sectors.

Managers are expected to implement a variety of investment strategies. Managers are also expected to invest internationally as investment is not allowed in securities issued in or outside Taiwan by any company listed in a stock exchange and/or an over-the-counter market of Taiwan. Applications are expected to be delivered by Jan. 21, 2014.

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