Beijing Widens Pension Fund Mandates – Florian Gimbel
From Financial Times:
Beijing has for the first time appointed foreign institutions to manage the overseas investments of its $40bn state pension fund, in a move that is expected to further strengthen China’s clout in international capital markets.
The National Social Security Fund, established in 2000 by the central government as a pension fund of last resort, has handed investment mandates to 10 international groups – including UBS, Pimco, Invesco, State Street, Alliance Bernstein, and Black Rock.
The mandates – including global equity, US equity, Hong Kong equity and global fixed income – are widely seen as “trophies” that could allow fund managers to win further business from cash-rich institutions in China and across Asia.[Full Text]
-Also read The Wall Street Journal story China’s Pension Fund Taps 10 Global Managers