GSIS close to hiring wealth managers for its $800-M offshore investments

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The Government Service Insurance System (GSIS) is evaluating external asset managers who applied to manage $800 million worth of investments in a move to diversify its funds.

“We’re looking at the resumes of the external fund managers. We want to make sure that they’re really qualified. We have to be able to trust them,” GSIS President and General Manager Jesus Clint O. Aranas said in a press conference Wednesday, July 4.

Mr. Aranas said more than 40 fund managers applied for the trust fund, with the state pension fund only hiring two.

Qualifications for the pension fund’s wealth managers include proven track record, global presence and an experience of at least 10 years in the financial markets, Mr. Aranas said.

GSIS has extended its search for external asset managers by a month until April 13 as it wants to receive more applicants. — Karl Angelo N. Vidal