8 fund managers shortlisted for GSIS overseas placements
State-run Government Service Insurance System (GSIS) has named the top eight companies qualified to become accredited fund managers under its $800-million global investment scheme.
Gracita Gilda Bocanegra, chair of GSIS’ Investment Bids and Awards Committee, announced the top fund managers after evaluation of the proposals they submitted for the Multi-Asset Strategy Program.
These companies are Alliance Bernstein Singapore Ltd., American Century Investment Management Inc., Columbia Threadneedle Investment Advisers, LLC, Deutsche Asset Management International GmbH, Pacific Investment Management Co. LLC, Schroder Investment Management Ltd., State Street Global Advisors Singapore Ltd., and Wells Fargo Asset Management-Wells Capital Management Inc.
Bocanegra said these companies would proceed to the next stage of the selection process for the program’s external fund managers.
They will be invited for an interview and an oral presentation of their proposals by the GSIS board.
In the end, only two external fund managers will be selected.
Each will be allocated $400 million in funds.
The GSIS launched its Multi-Asset Strategy Program to diversify its investments and increase the share of foreign currency instruments in its total investment portfolio.
GSIS president and general manager Jesus Clint Aranas said this would help the GSIS grow its income from investments.
He said this would also cushion the state fund from the volatile conditions of the domestic market.
Aranas earlier said about 40 potential fund managers submitted applications for the program.
To qualify as an external fund manager, GSIS said the proponents must be duly authorized by regulatory agencies and managing a multi-asset fund of at least $20 billion.
They should also have professionals with a minimum of 40 years cumulative professional experience in managing multi-asset portfolio, and have an office located in the Asia-Pacific region within the Philippine time zone, or willing to set up an office in the Philippines within the next six months.
They should also be compliant with Global Investment Performance Standards.