South Korea’s Public Officials Benefit Association (POBA) is seeking two global managers to handle mandates worth $350 million for overseas fixed-income investments.

The retirement fund for local government employees will receive proposals by August 28 through Hanwha Asset Management, which was chosen as underwriter, according to its request issued on Wednesday (August 19).

The selected managers will be responsible for setting up a fund-of-funds to invest in overseas bonds and supporting portfolio management. Applicants must have fixed income assets with a value exceeding $5 billion under management and more than five years of experience in managing global bonds.

POBA, which is a $12 billion fund, also started selecting local managers last month to commit another $350 million for foreign bond mandates. (Reporting by Kyoungho Lee)