PHILIPPINES - The Government Service Insurance System (GSIS) has awarded mandates for its $1bn Global Investment Program (GIP) to ING Investment Management and Credit Agricole Asset Management.
In awarding the mandates, Winston Garcia, president and general manager at the GSIS, said the selection process was very transparent and upheld a level-playing field for all foreign asset managers that participated in the selection process.
A total of 36 global fund managers and four global custodians submitted their proposals.
Garcia added the GSIS decided to tap the services of foreign fund managers for the GIP because the country’s biggest pension fund was still considered a novice in this kind of venture.
This will be the first time for the GSIS has invested abroad at this magnitude. The GSIS said it did not have the necessary technical expertise to provide a good asset allocation consisting of global instruments.
“Foreign fund managers, on the other hand, have their ‘ears on the ground’ consistently and would be in a better position to propose an asset allocation.”
Garcia noted, there was still a possibility that more asset managers may be named in the future.
“All other short-listed candidates may be considered for future mandates,” Garcia said.
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