Taiwan’s Bureau of Labour Funds (BLF) has appointed BlackRock, CenterSquare Investment Management, Fidelity International and DWS to manage separate global real estate securities mandates worth $1.6bn (€1.53bn) in total.

BLF, which oversees eight pension and annuity funds with NT$7.6trn (€223bn) in combined assets, said the hiring of CenterSquare, BlackRock Investment Management UK, Fidelity and DWS’s RREEF America as managers reflects its focus on diversifying risk and enhancing returns by allocating investments to international asset managers with varied investment styles.

The individual allocations to each manager were not disclosed.

BLF said it intends to monitor domestic and international market trends and adjust funding for its mandates accordingly.  

It said the move is the first time that an international pension fund has adopted the FTSE Real Estate Green Index for Developed Markets as a reference index.

The FTSE Real Estate Green Index for Developed Markets tracks the performance of publicly-traded real estate companies in developed markets that meet certain environmental sustainability criteria.  

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