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The Bidding Project of 2007 Selection of Investment Manager for Overseas Investment of Labor Insurance Fund
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| Document issuance date：Jan. 31st, 2007 |
| Document number：No.09660002660 |
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Subject:Announcement of “the Bidding Project of 2007 Selection of Investment Manager for Overseas Investment of Labor Insurance Fund”.
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Provisions:
I Article 2 of the Management and Application Rules for Labor Insurance Fund.
II Overseas Investment Outsourcing Guidelines for Labor Insurance Fund. |
| Announcement: |
| I |
Total Amount of Investment and Number of Selected Managers: Estimated to be US$ 865 million dollars with six selected managers. |
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(I) |
US Equity: An estimated amount of investment of US$ 150 million dollars with one selected manager. |
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(II) |
Europe Equity: An estimated amount of investment of US$ 100 million dollars with one selected manager. |
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(III) |
Japan Equity: An estimated amount of investment of US$ 65 million dollars with one selected manager. |
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(IV) |
Global Emerging Market Equity: An estimated amount of investment of US$ 150 million dollars with one selected manager. |
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(V) |
Passive Global Fixed Income: An estimated amount of investment of US$ 400 million dollars with two selected managers. |
| II |
Term of Investment Management: |
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The term of investment management shall be five years, starting from the execution of the agreement. Upon the expiration thereof, the parties thereto may agree to extend the investment management term for an additional five years with the same terms and conditions and the management fees (including the increased amount) as provided in the original agreement. The investment management term may be extended more than once. |
| III |
Qualifications of Applicant Manager: |
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(I) |
The applicant manager must be established for more than three years by Dec 31, 2006. |
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(II) |
The market value of the applicant manager’s institutional investor clients’ assets under management shall be no less than US$ 5 billion worldwide or its equivalent calculated in other currencies: The calculation of the market value of such institutional investor clients’ global assets under management should be based on Dec 31, 2006 and should be limited to the aggregate assets under management of the applicant manager and of those asset management companies within the same enterprise group as the applicant manager. The scope of such institutional investor clients’ assets under management includes the separate account and the institutional commingled fund that comprise of solely institutional investors ,i.e., such scope excludes mutual funds comprising of both retail investors and institutional investors and also excludes mutual funds that cover only retail investors. |
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(III) |
The evaluation and expression of the investment performance shall be in line with the requirements of GIPS or AIMR-PPS as provided by CFA Institute or the standards of other countries, provided that the applicant shall submit a certificate of equivalence of GIPS or AIMR-PPS requirements at the time of application. |
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Note:
GIPS refers to Global Investment Performance Standards.
AIMR-PPS refers to AIMR Performance Presentation Standards. |
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(IV) |
With respect to the US equity mandate type, the applicant manager’s track record in the investment management of US equity shall be no less than three years by September 30, 2006. |
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(V) |
With respect to the European equity mandate type, the applicant manager’s track record in the investment management of European equity shall be no less than three years by September 30, 2006. |
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(VI) |
With respect to the Japan equity mandate type, the applicant manager’s track record in the investment management of Japan equity shall be no less than three years by September 30, 2006. |
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(VII) |
With respect to the global emerging market equity mandate type, the applicant manager’s track record in the investment management of emerging market type equity shall be no less than three years by September 30, 2006. |
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(VIII) |
With respect to the passive global fixed income mandate type, the applicant manager’s track record in the investment management of passive global fixed income type shall be no less than three years by September 30, 2006. |
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(VIIII) |
Worksheet of fee quote of the management fee rates. |
| IV |
Application Document and Procedure: Please refer to the 2007 Application Guidelines for the Selection of Investment Manager for Overseas Investment of Labor Insurance Fund.
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| V |
Requesting the Application Documents: The applicant manager should, starting from Jan. 31st, 2007, download the following application documents and related reference documents on the website of the Bureau (http://www.bli.gov.tw). |
| VI |
Delivery and receipt of application documents: |
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The applicant manager should deliver the documents with “registered mail” or by courier to the Secretariat (General Affairs Section) of the Bureau (11F, No. 4, Sec 1, Roosevelt Rd, Taipei, Taiwan) prior to 5:30 pm Mar. 14th, 2007, and obtain the receipt certificate. The applicant manager should itself estimate the time for delivery; delayed documents will not be received by the Bureau, and the Bureau will not be responsible for such delay. Application documents that have been submitted shall not be revised, revoked or returned for whatever reason. |
| VII |
Miscellaneous requirements：Please refer to the 2007 Application Guidelines for the Selection of Investment Manager for Overseas Investment of Labor Insurance Fund.
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