Key Takeaways
- • The Bureau of Labor Funds (BLF) of Taiwan completed selection of five external managers on July 16, 2026, for a total USD 3 billion overseas mandate titled "Global Climate Transition Passive Infrastructure Securities."
- • Selected managers are 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, each receiving USD 600 million.
- • Funding comes from the Labor Pension Fund (USD 400 million per manager), the Labor Insurance Fund (USD 100 million per manager) and the National Pension Insurance Fund (USD 100 million per manager).
- • The five-year passive mandate tracks the FTSE Global Core Infrastructure ex China TPI Climate Transition Index, targeting companies with forward-looking climate transition management capabilities.
- • The BLF describes the mandate as a consistent deployment under its annual asset allocation plan, with signing and account-opening procedures to follow.
Summary
The Bureau of Labor Funds (BLF) has completed the selection of external managers for its "Global Climate Transition Passive Infrastructure Securities" overseas investment mandates, according to the BLF. The selection, completed on July 16, 2026, covers the Labor Pension Fund, Labor Insurance Fund and National Pension Insurance Fund for fiscal year 2026. The process drew participation from leading international asset managers, and after a multi-stage evaluation the BLF selected five firms: 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.
Each selected manager will be allocated 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, or USD 600 million per manager. The total mandate size is USD 3 billion over a five-year term.
The mandate uses the FTSE Global Core Infrastructure ex China TPI Climate Transition Index as its benchmark. It is structured as a passive strategy intended to gain global infrastructure market exposure at relatively low cost, while supporting companies advancing structural transition and capturing investment growth. The index targets companies with forward-looking climate transition management capabilities.
The BLF said the funds have consistently pursued long-term, stable returns. In planning mandates it considers each fund's asset growth, cash flows, current allocation and long-term trends, alongside domestic and international market and economic conditions, while maintaining diversification across currencies and asset classes to reduce volatility. The BLF characterized the mandate as a consistent deployment under the annual asset allocation plan. Next steps include signing investment mandate agreements and completing account-opening procedures with the five managers, and arranging funding as appropriate while monitoring economic and financial developments.
Each selected manager will be allocated 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, or USD 600 million per manager. The total mandate size is USD 3 billion over a five-year term.
The mandate uses the FTSE Global Core Infrastructure ex China TPI Climate Transition Index as its benchmark. It is structured as a passive strategy intended to gain global infrastructure market exposure at relatively low cost, while supporting companies advancing structural transition and capturing investment growth. The index targets companies with forward-looking climate transition management capabilities.
The BLF said the funds have consistently pursued long-term, stable returns. In planning mandates it considers each fund's asset growth, cash flows, current allocation and long-term trends, alongside domestic and international market and economic conditions, while maintaining diversification across currencies and asset classes to reduce volatility. The BLF characterized the mandate as a consistent deployment under the annual asset allocation plan. Next steps include signing investment mandate agreements and completing account-opening procedures with the five managers, and arranging funding as appropriate while monitoring economic and financial developments.
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