The Council of Labor Affairs has given the green light to 10 investment trust companies to manage the government's NT$30 billion (US$906 million) labor pension funds, the council said on Saturday.
A total of 16 investment trusts had bid to manage the funds, the council said in a statement posted on its Web site.
RESPONSIBILITIES
The 10 successful applicants, chosen by a panel of professionals assembled by the council, would be entrusted to manage NT$3 billion of the funds each, the statement said.
The council did not say when the investment trusts would start managing the funds and invest the money in the local stock market via discretionary managed accounts.
On March 2, the legislature passed the Organic Law of Labor Pension Funds Supervisory Commission (勞退基金監理會組織法) which enabled the establishment of a supervisory committee to both exercise and monitor the labor pension funds.
MANAGEMENT
The committee was established on July 2 to manage the NT$600 billion that has accumulated in the labor pension funds -- the 6 percent contribution from employees' monthly wages -- under the portable individual retirement account scheme implemented in July 2005.
Based on the current regulations, the labor pension funds are allowed to invest more than 40 percent of their total capital into the stock market.
In other words, this meant that approximately NT$240 billion is available for investment in equities, President Chen Shui-bian (陳水扁) said at the committee's launch ceremony on July 2.
MAKING THE LIST
In the statement, the council said that Grand Cathay Securities Investment Trust (大華投信), First Global Investment Trust Co (元大投信), Jih Sun Securities Investment Trust Co (日盛投信), ING CHB Fund (安泰投信), PCA Securities Investment Trust Co (保誠投信), Fuh-Hwa Investment Trust Co (復華投信), Cathay Securities Investment Trust Co (國泰投信), Fubon Securities Investment Trust (富邦投信), Capital Securities Investment Trust (群益投信) as well as Prudential Financial Securities Investment Trust Enterprise (保德信投信) had been selected to manage the funds.
The council said that it had selected the Bank of Taiwan (台灣銀行) as the custodian bank.
INVESTMENTS
As well as investing in the local stock market, the funds will also be allowed to invest in bonds and derivatives, both locally and overseas.
Previously, the funds had been invested in bank deposits, which offer a much lower return.
The committee said it expects the size of the funds to jump to NT$350 billion by the end of next year and NT$1.13 trillion by 2015.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS