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China Pension Fund Picks JPMorgan, Schroders for Global Mandates

Dai Xianglong, chairman of China's National Council for Social Security Fund, right, arrives for a session at the Boao Forum for Asia. Photographer: Nelson Ching/Bloomberg
Dai Xianglong, chairman of China's National Council for Social Security Fund, right, arrives for a session at the Boao Forum for Asia. Photographer: Nelson Ching/Bloomberg

July 19 (Bloomberg) -- China’s national pension fund said it selected 12 global asset managers including JPMorgan Chase & Co. and Schroders Plc for its overseas investments.

The National Council for Social Security Fund signed investment management agreements with JPMorgan, Schroders, Lombard Odier and Neuberger Berman for multiasset class products, according to a statement yesterday on its website.

The national pension fund, which managed 869 billion yuan ($136 billion) as of Dec. 31, is allowed to invest as much as 20 percent of assets overseas through qualified managers, according to its website. The fund’s total investment returns fell 77 percent last year after the country’s stock market tumbled as economic growth slowed and the government tightened lending to curb inflation, it said in March.

Emerging-market bond mandates were granted to companies including Standish Mellon Asset Management, while AMP Capital and AEW Capital Management LP are among managers that won contracts for natural resources and real estate stocks, according to the statement.

To contact the Bloomberg News staff for this story: Zhang Dingmin in Beijing at Dzhang14@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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