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公務人員退休撫卹基金管理委員會

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The MBPSPF will outsource US$ 5 00 million to five internatinal asset management companies on December 15, 2003.

News Release of the Management Board of the Public Service Pension Fund, Ministry of Civil Service

December 12, 2003



The Public Service Pension Fund will become the first government fund to undertake the overseas discretionary operation. The total outsourcing amount is up to US$ 500 million. Five international asset management companies (IAMCs) have been selected to manage the overseas investment businesses with US$ 100 million respectively.



According to the Management Board of Public Service Pension Fund (MBPSPF) of Ministry of Civil Service (MOCS), a joint signing ceremony with tea party will be held by the MBPSPF on December 15, 2003, at the tenth floor auditorium of Chuan-hsien Building, the Examination Yuan. The MBPSPF will make the contract with the five IAMCs, namely, Barclays Global Investors Limited, State Street Bank & Trust Company, J.P. Morgan Investment Management Inc., UBS Global Asset Management (Singapore) Ltd., and Allianz Dresdner Asset Management of America L.P. Each of the five IAMCs will be allocated an outsourcing fund of US$ 100 million from the total of US$ 500 million (around NT$ 17 billion) while Citibank is granted the custodian contract for overseas investment.



The MBPSPF points out that the said five IAMCs and custodian bank are selected through the principle of fairness, open and justice. According to legal proceedings, an evaluation panel which is consisted of the scholars and experts took over two months to thoroughly verify the management plan proposals (including 12 for the international indexed equity mandate, 14 for the international balanced mandate and 6 for custodian) submitted by the candidates from 26 asset management companies and 6 custodian banks. Based on the short-list from the result of oral presentations, the panel completed the whole selection process after implemented the tender and contract negotiation in the past few days.



Through keen competition, the qualification for signing international indexed equity mandate is acquired by the Barclays Global Investors Limited and State Street Bank & Trust Company whereas that for signing the international balanced mandate contract is acquired by the three international asset management companies: J.P. Morgan Investment management Inc., UBS Global Asset Management (Singapore) Ltd., and Allianz Dresdner Asset management of America L.P. Each of them will be granted US$ 100 million. In this issue, the MBPSPF will adopt the index of Morgan Stanley Capital International world Index-developed countries (MSCI) as the benchmark for its indexed type fund and choose 60% MSCI plus 40% J.P. Morgan Government Capital Bond Index-Global as its balanced type fund benchmark. The tenure for the aforesaid IAMCs will be two years respectively. In addition, the Citibank will be engaged for a period of four years as the custodian bank. All of the five IAMCs are internationally eminent asset management institutions and belong to the groups registered by U.K., U.S.A., Germany and Switzerland.



The MBPSPF has indicated that in order to accord with the government outsourcing policy and improved the asset management expertise, the Management Board pour its efforts by ways of diversifying investment risk and implementing asset allocation approved by the Supervisory Board of Public Service Pension Fund (SBPSPF) in hopes of accomplishing the goal of increasing investment profit. The opening of farming out overseas discretionary mandate helps the PSPF to go forward another milestone with significant meaning in history and internationalization. The regulation of outsourcing mandate had been accomplished by scholars, experts and related agencies through fourteen meeting on the related subjects. By starting the unprecedented overseas discretionary operation, the MBPSPF expects to keep pace with the global trend of pension fund management and to elevate the management of the PSPF to be on a par with that of the advanced countries in the world. Furthermore, it hopes to take up the international management model sure-footed and developed in Taiwan and to reinforce our country’s internationalization in deep and width.



The MBPSPF has stated again that since this overseas discretionary operation of government fund is initiative and full of indication meaning, the join signing ceremony with tea party will be enlarged. The delegates from the said selected IAMCs and the custodian bank will participate in the ceremony; moreover, the MBPSPF will invite Mr. Chiou I-jen, the Secretary General of the Office of the President, Mr. Yao Chia-wen, the President of the Examination Yuan, and the chief government officials of the Executive Yuan and Examination Yuan to conduct on this particular occasion.