| Subject： |
Announcement of the open tender project for "Investment Manager Selection for Overseas Discretionary Investment of Labor Insurance Fund (2012)". |
| Provisions： |
I. |
Article 2 of the Management and Application Rules for Labor Insurance Fund. |
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II. |
Discretionary Investment Guidelines for Labor Insurance Fund. |
| Announcement： |
I. |
Mandate Type: Global Emerging Market Debt. The assets under management shall be managed within segregated portfolios. |
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II. |
Total Amount of Mandate: Estimated to be US$ 450 million dollars with three selected managers, where US$ 150 million dollars will be under the management of each select manager. |
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III. |
Term of Mandate: The term of investment management shall be five years, commencing upon the initial funding date. 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. |
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IV. |
Qualifications of Applicant Manager: |
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- The applicant manager must be established for more than three years by March 31, 2012.
- 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, 2012 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.
- 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).
Note: GIPS refers to Global Investment Performance Standards.
AIMR-PPS refers to AIMR Performance Presentation Standards. - The applicant manager’s track record in the Global Emerging Market Debt composite under its management shall be no less than three years (as of March 31, 2012).
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V. |
Application Document and Procedure: Please refer to the “Application Guidelines for Investment Manager Selection Overseas Discretionary Investment of Labor Insurance Fund (2012)” |
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VI. |
Requesting the Application Documents：The applicant manager should, starting from June 29, 2012, download the following application documents and related reference documents on the website of the Bureau (http://www.bli.gov.tw). |
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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 July 23 , 2012, 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. Once government announce that office hour of Taipei City is suspended due to bad weather condition, the deadline will be extended to the next business date of Bureau. Application documents that have been submitted shall not be revised, revoked or returned for whatever reason. |
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VIII. |
Miscellaneous requirements：Please refer to the “Application Guidelines for Investment Manager Selection Overseas Discretionary Investment of Labor Insurance Fund (2012)” 。 |
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IX. |
Reference email address
Financial Department
Ms. Ellen Wu , 70155@ms.bli.gov.tw
Ms. Alice Hsieh , 70153@ms.bli.gov.tw
Ms. Tracy Shih , 70167@ms.bli.gov.tw
Mr. William Liu , 70005@ms.bli.gov.tw
Ms. Yun Ju Chen , 17144@ms.bli.gov.tw
Ms. Cheyenne Chang , 17616@ms.bli.gov.tw
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