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文件 6
Document 6
Date:
“Request for Service Proposal of 2005 Investment for the Labor
Insurance Fund”
Mandate type:
Absolute Return
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Selection of Absolute Return Investment Manager
In the case of inconsistency exists between this RFP and the Investment Management
Agreement, the Investment Management Agreement shall prevail.
To supplement the Investment Management Agreement: In managing the portfolio,
investment managers should note that they are not allowed to short or use leverage in
the portfolio. Derivatives are allowed only for hedging purpose.
Information Collection Form to be completed by candidates
We are currently seeking to appoint an Absolute Return investment manager. To be
included in our consideration, please complete the tables below (Sections B to D). Please
endeavour to keep responses accurate and concise, abiding by the word limits specified in
the questions (where relevant).
It would be appreciated if you can complete the document and reply to <contact details> on
or before <date>. Soft copy submission is required.
Section A – The Mandate
Mandate Profile
Absolute Return
Size

Circa USD 100 million
Performance Target

US 1-year LIBOR + 3%p.a. (net of all fees and taxes)
Risk target

Minimise negative absolute monthly performance
Vehicle

Segregated portfolio

<for completion by candidate>
Proposed Product
Proposed Product
For further detailed investment guidelines and restrictions, please refer to separate document entitled
‘Investment Guidelines for Labor Insurance Fund’
1
Section B – Specific Areas of Focus and Requirements
[Manager]
B.1
Please explain why the BLI should appoint your organisation to manage the Absolute Return
portfolio, in preference to your competitors? (Less than 100 words)
Ans
B.2
Please highlight the key changes and developments to your team responsible for Absolute Return
in the past 36 months). (Less than 100 words)
Ans
B.3
How long has your current Absolute Return investment team been in place? And how long has
the key individual(s) been with the team? To what extent has your performance record shown in
Section D (please see Section D) been produced by the current investment team?
Ans
B.4
Please highlight how you can demonstrate your commitment to the Taiwanese market and will be
able to provide a satisfactory level of client servicing if selected by BLI. (Less than 100 words)
Ans
B.5
Please discuss how you are able to absorb new business, ensuring that the interests of existing
clients are not compromised.
Ans
B.6
For the 3 years ending 30 June 2005, has your organization been named as a defendant in various
legal proceedings and has received subpoenas in connection with government investigations
arising in the ordinary course of business? If yes, please provide details.
Ans
B.7
Are these legal proceedings or investigations expected to have a material adverse impact on your
financial condition or your ability to perform the service proposed?
Ans
Are there any notices to be given to prospective clients by the investment managers, required by
your financial (securities) supervisory body? If yes, please provide:
B.8
(a)
The name of the supervisory body
(b)
Important points in the notice (The related notice, include Chinese translation, will be
delivered to BLI after signing the contract. The notice should not be inconsistent with the
guidelines of this mandate. When inconsistencies exist, the guidelines of this mandate
shall prevail.)
Ans
B. 9
How do you propose to notify BLI on changes to your team? (Communicate beforehand / notify
beforehand / notify after fact)
Ans
2
Section C – Data Collection Tables
<Insert Manager Name>
C.1 Absolute Return
Worldwide
AUM and number of
clients
AUM (US$ bn)
No. of clients
For clients in Taiwan
AUM (US$ bn)
No. of clients
2000
(as at end of year / month)
2001
2002
2003
2004
June 2005
Firm/group’s total AUM
C.2 Firmwide AUM, and
for institutional clients
(US$ bn)
Total AUM for Institutional clients
AUM (US$ bn)
No. of clients
2000
2001
2002
2003
2004
June 2005
C.3 Absolute Return
Worldwide
assets gained and lost
Asset gain (US$)
Asset loss (US$)
For clients in Taiwan
Asset gain (US$)
Asset loss (US$)
2000
2001
2002
2003
2004
June 2005
C.4 Total assets (total
Worldwide
AUM for all mandates)
gained and lost over the
Asset gain (US$)
Asset loss (US$)
For clients in Taiwan
Asset gain (US$)
Asset loss (US$)
2000
years
2001
2002
2003
2004
June 2005
C.5 Revenue relating to
Revenue in the year
asset management
business, and contribution
to the group/parent
2000
2001
2002
2003
2004
3
% contribution to the whole group or
parent
C.6 Profit of asset
contribution to the
group/parent
% contribution to the whole group or
Profit in the year
management business, and
parent
2000
2001
2002
2003
2004
C.7 Details and % of
Descriptions:
employee ownership of the
firm (as at end of month /
year)
% of employee ownership
2000
2001
2002
2003
2004
June 2005
Avg. Yrs. of
C.8 Total number of
No. of Portfolio
investment professionals1
and average years of
Manager
Experience
With
Industry
With Firm
No. of
Research
Analysts
Avg. Yrs of
No. of Other
Experience
Investment
With
With Firm Professionals
Industry
Avg. Yrs of Experience
With
Industry
With Firm
Total no. of
Professionals
2000
experience
2001
2002
2003
2004
June 2005
Avg. Yrs. of
C.9 Total number of
No. of Portfolio
investment professionals
related to Absolute Return
Manager
Experience
With
Industry
With Firm
No. of
Research
Analysts
Avg. Yrs of
No. of Other
Experience
Investment
With
With Firm Professionals
Industry
Avg. Yrs of Experience
With
Industry
With Firm
Total no. of
Professionals
2000
mandate
2001
2002
2003
2004
June 2005
C.10 Name of the key
<Please provide brief cvs for the key people involved in the Global Bonds product>
professionals of the
proposed product for this
client and their role
1
Investment Professional is defined as any employees who are involved directly with or indirectly with the investment of the assets, i.e.
including e.g. CIO, fund managers, analysts, economists, but excluding e.g. trader, dealer, back room staff and secretaries.
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C.11 Turnover for all
professionals
2000
- No. of joiners
2001
- No. of leavers
2002
Number of Joiners
Number of Leavers
Number of Joiners
Number of Leavers
2003
2004
June 2005
C.12 Turnover of
professionals related to
Absolute Return and/or
2000
2001
proposed product
2002
- No. of joiners
2003
- No. of leavers
2004
June 2005
C.13 Name of those key
departures and role
C.14 Remuneration
Structure
- Bonus as % of total
compensation
- Paid in the form of
- Lock-up period or defer
benefits
- Deferred Compensation
C.15 Basis of discretionary
bonus (e.g. what % is
related to investment
performance, team based or
individual based, etc) and
the funding source
C.16 Description regarding
recruitment philosophy and
training available to staff
(<100 words)
C.17 General Descriptions
- Investment philosophy
- Major Source of value
added
(In less than 200 words)
C.18 Asset Allocation
Process
(In less than 200 words)
C.19 Security Research
Process
(In less than 200 words)
5
C.20 Portfolio
Construction Process
Please articulate the
interaction between the
fund managers and the
analysts on how ideas are
brought into the portfolio.
(In less than 200 words)
C.21 Any changes to the
process over the past 10
years
(In less than 100 words)
C.22 Capacity management
What is the expected
capacity given current
resources with the firm and
the key manager(s) for this
mandate?
Is there a mechanism in
place to protect existing
clients?
(In less than 100 words)
C.23 Risk Management
Process
Please briefly describe the
following internal control
and auditing procedures:
- Performance evaluation
- Self regulating and
ethics
- Management of conflict
of interest (including
firewalls and
confidentiality, etc)
- Risk control in trading
process (including the
standard and principles
of selecting brokers,
principle of trade
allocation, whether
collective trade exists,
etc)
- Operational control
- Internal auditing and
monitoring system
C.24 Primary servicing
contact and location
C.25 Lead and back-up
portfolio manager and
location
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C.26 Location of
investment office
C.27 Please give details of
your proposed “clean” fee
scale in respect of this
portfolio. Please also state
other fees (custodian,
administration etc.) if
applicable. If investing in
fund(s), please also state
the relevant charges. Please
confirm that you would
derive no other
remuneration (other than
those listed) from this
portfolio.
C.28 Reporting Capability
(Please refer to the attached
reporting requirements in
the Investment
Management Agreement
and indicate whether you
can meet these
requirements)
Yes / No
Monthly report
Quarterly report
Annual report
Sample report provided
Internet access
C.29 Typical and Proposed
Target Risk
(volatility, pa)
C.30 Typical and Proposed
Target Performance (pa)
C.31 Expected and
Experienced Correlation
(with global equity), %
C.32 Typical Lock-up
period after initial funding
C.33 Typical Redemption
Period
C.34 Negative past return
in any calendar year (Y/N),
if “Y”, when and why?
C.35 Is there a mechanism
to stop loss? If yes, can you
briefly explain how it
works? (In less than 100
words)
C.36 What are the
strategies currently
managed by the team? And
which one would you
consider as the strength of
the team?
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C. 37 Proposed Strategy
Allocation (%) for this
%
<Please fill in strategy descriptors>
mandate
C.38 Will you certify the
overall portfolio is in
compliance with the
investment guidelines? If
“No”, please state why.
Section D – Quarterly Performance Data
Please provide 10 years (or as long as it is available) quarterly composite returns in USD
terms according to the proposed product composition in the Excel spreadsheet provided
separately. (Please also provide performance of relevant product if the performance listing
for the proposed current product is too short.)
In providing the composite returns, please describe the methodology behind.
Where possible, the performance calculation and presentation should abide by the GIPS or
AIMR-PPS standard provided by CFA Institute. Please clearly state whether the
performance figures provided comply with the GIPS or AIMR-PPS.
Thank you, this is the end of the Information Collection Form - please provide the contact
details of the person who completed this form for enquiry purpose.
Name:
Tel:
Email:
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