South Korea’s Construction Workers Mutual Aid Association (CWMA) will select two companies that will help handle its bond investment, Yonhap Infomax reported on June 10 citing investment industry sources.
The selected management firms will be tasked with investing CWMA’s funds in domestic short-term bonds.
The applicants should submit their investment proposals no later than June 15. CWMA is scheduled to select the management firms 10 days later.
In the case of foreign management firms, only those with a local subsidiary with managing personnel are allowed to apply.
Meanwhile, CWMA, with its assets under management as of the end of last year totaling 3.9 trillion won ($3.27 billion), picked private equity firms to commit 50 billion won earlier this year. (Reporting by Kyoungho Lee)