Saturday, 31 January 2015
Last updated 21 hours ago
Jul 24 2013 | 9:27am ET
Korea's postal service is once again on the lookout for hedge funds.
Korea Post's insurance business has issued a request for proposals for funds of hedge funds managers. The move follows an RFP issued last year by the post office's savings unit to create a pool of hedge fund managers.
KP did not indicate how large a mandate it would award, but previous mandates have been around US$50 million each to one or two firms, a pattern that is expected to continue this time, Asian Investor reports.
The hurdles for would-be managers are high, however: Only multi-strategy funds of funds, with at least US$50 million in assets and run by firms with at least US$2 billion in assets, need apply. Those with less than a five-year track record or a hard lockup should also not bother—KP demands quarterly liquidity, as well as monthly net-asset value confirmation. And firms can each submit only one fund for consideration.
Otherwise, all managers, both Korean and otherwise, are welcome—unless Korea Post Insurance already invests with them. Applications, which are due Aug. 9, can be in either English or Korean. The selection process will come in three stages: A quantitative screening will precede due-diligence, before final selections are made.
Korea Investment Management is advising KP Insurance on the search.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…