Samsung Reappointed as Weekly Manager of Pension Fund Investment Pool... Full Delegation to 27 Funds Next Year
The 75th Investment Pool Management Committee Meeting
[Sejong=Asia Economy Reporter Son Seonhee] The government has reselected Samsung Asset Management as the weekly asset manager for the pension fund investment pool. In addition, 27 funds, including the Private School Promotion Fund, have decided to fully entrust asset management to the pension fund investment pool starting next year.
On the afternoon of the 7th, Ando Geol, Vice Minister of Strategy and Finance, chaired the '75th Investment Pool Operation Committee' at the Korea Trade Insurance Corporation and discussed the agenda regarding this matter.
The pension fund investment pool is a system that integrates and manages the surplus funds of a total of 67 government funds by entrusting the assets, excluding those self-managed by entities such as the National Pension Service, to professional asset management companies. As of the end of last year, the entrusted assets amounted to 27.1 trillion KRW.
Among the two existing weekly asset managers, Samsung Asset Management and Mirae Asset, the contract period for Samsung Asset Management will expire at the end of December. Through a Public Procurement Service bidding process, Samsung Asset Management and KB Asset Management submitted bids, and after evaluation, the incumbent manager Samsung Asset Management was reselected, with plans to sign the delegation contract within this month.
The government also plans to reselect trust service providers such as Shinhan Bank and Korea Securities Finance, and administrative service providers such as Hana Fund Services, whose contract periods will expire in December. A bidding announcement will be made this month, followed by evaluation and contract signing by the end of next month.
The introduction of a 'full delegation' system, which entrusts the entire asset management work to the investment pool for small and medium-sized funds that find it difficult to establish a professional asset management system, has also been confirmed. Based on the results of the existing pilot operation, full adoption of the full delegation system will be implemented from next year for 27 funds, including the Private School Pension Fund.
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Vice Minister An stated, "We will actively encourage public institutions and local governments to participate in the investment pool to expand the scale of asset management, and strengthen the investment strategy formulation and operation system. As the scale of entrusted funds in the investment pool expands, transparency in asset management becomes increasingly important, so we will continuously enhance the governance of investment pool operations, including the fair selection of trust service providers and administrative service providers."
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