MikeLigalig.com

Charo Logarta
abs-cbnnews.com

The Social Security System (SSS), the state pension fund for private sector workers, is studying the possibility of investing abroad.

SSS President Corazon dela Paz said the pension fund has received several unsolicited proposals from fund managers regarding its possible investments into the foreign capital market.

Dela Paz however declined to identify any of the proponents, but said the parties' names "ring a bell."

Dela Paz said SSS hopes to embark on its investments overseas by the first quarter of 2008, pending the approval of the Social Security Commission.

It will also choose a financial adviser for this purpose next year.

"When you go abroad you need someone who can help you. We're not experts in foreign markets," said Dela Paz.

Under the SSS Charter, the pension fund is allowed to invest up to 30 percent of its reserves in equities, of which 7.5 percent can be placed overseas.

Another pension fund, state-owned Government Service Insurance System (GSIS) will invest $1 billion in the overseas market. It will name the global fund managers and custodian for this placement by next week.

The nine foreign fund managers who expressed interest to handle GSIS' asset were BNP Paribas, Credit Agricole Asset Management, Credit Suisse Asset Management Ltd., Deutsche Asset Management, ING Investment Management, Northern Trust Global Investment, Pacific Investment Management Co., Goldman Sachs, and Société Générale.

Meanwhile, the companies vying to be tapped as custodian of the funds include State Street Bank and Trust Co., JP Morgan Chase N.A. (Hong Kong) and Citigroup.

Linkback: https://tubagbohol.mikeligalig.com/index.php?topic=5344.0