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Alternative Market Briefing

Korea’s NPS is choosing amongst four hedge funds to manage about $1bn

Friday, May 20, 2016

Komfie Manalo, Opalesque Asia:

The world’s largest pension fund with about $422bn in assets, South Korea’s National Pension Service (NPS), has announced four foreign hedge fund firms in its shortlist to run about $1bn in hedge fund portfolio.

A report by Pulse News said that the NPS would choose two hedge funds from BlackRock Inc., Blackstone Group L.P., Grosvenor Capital Management, L.P. and UBS AG to manage its hedge fund operation.

It added that the NPS is currently conducting due diligence on the four multinational hedge funds and will make a final decision in September. In 2015, the NPS operation committee said it would invest in funds of hedge funds, with its move towards alternative investments to diversify the pension fund’s asset allocation and improve earnings in light of low interest environment.

Initially, the NPS intended to invest in hedge funds in late 2015 but decided to delay the process following a falling out between former NPS CEO Choi Kwang and then NPS CIO Hong Wan-sun.

The pension fund drafted its guideline in evaluating the performance of qualified hedge funds and said it would invest about $1bn in foreign funds of hedge funds this year.

South Korea’s hedge fund market growing rapidly

Early this month, the Shinhan Investment Corporation ......................

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