Huang Chao-Hsi, the head of Taiwan’s largest pension fund the Bureau of Labor Funds, is retiring on 16 January, the pension fund has confirmed with Private Equity International.
It unclear what Huang’s plans are after leaving BLF.
Tsay Feng-Ching, vice chairman of the management board of Taiwan's Public Service Pension Fund (PSPF), will replace Huang effective 16 January. Prior to PSPF, he served as assistant director in the Securities and Futures Bureau of the Financial Securities Commission and previously held various senior roles at the Bureau of Monetary Affairs.
Huang served as chairperson of the Labor Pension Fund Supervisory Committee. He also previously held senior positions in Taiwan’s government including chief secretary of the Council for Economic Planning and Development, executive secretary of the National Development Fund, and director of finance for the Council for Economic Planning and Development.
Under Huang’s leadership BLF had announced plans grown its exposure to alternatives and a spokesperson from BLF told PEI in May that the pension fund plans to increase its foreign alternatives allocation from its 4.6 percent to 8 percent. The BLF has not published any additional data on its alternatives allocation.
Last month, the pension fund announced it will set aside funding worth $2.4 billion for its Global ESG Quality Mix Equity Indexation (global ESG) strategy and will name four external managers. Each appointed manager will be awarded a quota of $600 million. This is the first time BLF has launched funds with ESG factors as a main part of the investment criteria.
The BLF, with NT$3.5 trillion ($109 billion; €104 billion) under management was launched in February 2014 to oversee investments by six pension funds – the Labor Pension Fund (New Scheme), Labor Retirement Fund (Old Scheme), Labor Insurance Fund, Employment Insurance Fund, Occupation Incidents Protection Fund, Arrear Wage Payment Fund – under the Ministry of Labor.
Liu Li-Ju, deputy director general of BLF said in a statement in December that the pension fund will “insist with the strategy of diversified investment and steady asset allocation not only to pursue stable returns but also to take more social responsibility.” Liu added the BLF will continue to diversify its asset allocation and strategic investment index.
This post has been updated to include details on Huang Chao-Hsi's replacement, Tsay Feng-Ching.