| Subject： |
| Announcement of "The Open Tender Project of the Investment Manager Selection for Fourth Batch Overseas Discretionary Investment of Labor Insurance Fund (2011)". |
| Provisions： |
| I |
Article 2 of the Management and Application Rules for Labor Insurance Fund. |
| II |
Discretionary Investment Guidelines for Labor Insurance Fund. |
| Announcement： |
| I. |
Mandate Type: Global Equity. The assets under management shall be managed within segregated portfolios. |
| II. |
Total Amount of Mandate: Estimated to be US$ 600 million dollars with three selected managers, where US$ 200 million dollars will be under the management of each select manager. |
| III. |
Term of Mandate:
The term of investment management shall be five years, commencing upon the initial funding date of the agreement. Upon the expiration of the initial term or any extension term, the parties may agree to extend the investment management term for a maximum additional five years upon the same terms and conditions hereof (taking into account of any increases in the Fund Assets). The investment management term may be extended more than once. |
| IV. |
Qualifications of Applicant Manager: |
| |
1. |
The applicant manager must be established for more than three years by March 31, 2011. |
| |
2. |
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 March 31, 2011 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 should only include the separate accounts and the institutional commingled funds that solely comprise institutional investors and should exclude mutual funds that comprise both retail investors and institutional investors and shall also exclude mutual funds that cover only retail investors. |
| |
3. |
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 such equivalent institutional criteria of other countries, provided that the applicant shall, at the time of application, submit a certificate certifying that such criteria are equivalent to CFA Institute GIPS or AIMR-PPS). |
| |
4. |
The applicant manager’s track record in the Global Equity composite under its management shall be no less than three years (as of March 31, 2011). |
| V. |
Application Document and Procedure: Please refer to the “Application Guidelines for Investment Manager Selection Fourth Batch Overseas Discretionary Investment of Labor Insurance Fund (2011)” |
| VI. |
Requesting the Application Documents：The applicant manager should, starting from July 15th, 2011, download the following application documents and related reference documents on the website of the Bureau (http://www.bli.gov.tw ).
|
| VII. |
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(R.O.C)) with arrival time prior to 5:30 pm August 8th , 2011, and obtain the receipt certificate. The applicant manager should itself estimate the time for arrival; 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. |
| VIII. |
Miscellaneous requirements：Please refer to the “Application Guidelines for Investment Manager Selection Fourth Batch Overseas Discretionary Investment of Labor Insurance Fund (2011)” |
| IX. |
Reference email address |
| |
Bureau of Labor Insurance
Financial Department
Ellen Wu 70155@ms.bli.gov.tw ,
Alice Hsieh 70153@ms.bli.gov.tw ,
Tracy Shih 70167@ms.bli.gov.tw ,
William Liu 70005@ms.bli.gov.tw ,
Yun Ju Chen 17144@ms.bli.gov.tw |