The Bureau of Labor Funds (BLF) completed the selection process for external managers on July 16, 2026, for the “Global Climate Transition Passive Infrastructure Securities” overseas investment mandates under the Labor Pension Fund, Labor Insurance Fund and the National Pension Insurance Fund for fiscal year 2026.

This selection process attracted active participation from leading international asset management companies. Following a rigorous review and multi-stage evaluation process, the BLF selected five external managers qualified to enter into mandate agreements: Amundi Asset Management, BNP Paribas Asset Management Europe, Geode Capital Management, LLC, Northern Trust Asset Management Australia Pty Limited and State Street Global Advisors Singapore Limited (listed in alphabetical order by the first letter of each company’s English name). Each selected manager will be entrusted with USD 400 million from the Labor Pension Fund, USD 100 million from the Labor Insurance Fund, and USD 100 million from the National Pension Insurance Fund, representing a total mandate size of USD 3 billion. The mandate term will be five years.

This mandate uses the FTSE Global Core Infrastructure ex China TPI^* Climate Transition Index as its benchmark, targeting companies with forward-looking climate transition management capabilities. Through a passive investment approach, the mandate aims to participate in the global infrastructure market at relatively lower cost, while serving the dual objectives of supporting companies in advancing structural transition and capturing investment growth opportunities.

The BLF noted that the management of both the Labor Funds and the National Pension Insurance Fund has consistently adhered to the principle of seeking long-term and stable returns. In planning investment mandates, the BLF takes into account each fund’s asset growth, cash flows, current asset allocation and long-term trends, together with domestic and international financial market and economic conditions, while maintaining diversified investments across multiple currencies and asset classes. When financial markets experience volatility, such diversification helps spread the risk through changes in the relative values of different assets and currencies, thereby reducing volatility in fund assets and stabilizing overall fund returns.

This mandate represents a consistent deployment of funds in accordance with the annual asset allocation plan. Going forward, the BLF will proceed with the signing of investment mandate agreements and account-opening procedures with the five selected managers, while continuing to closely monitor domestic and international economic and financial developments and arrange funding for this overseas investment mandate as appropriate.

Source: BLF