Cathay Life seeks absolute-return managers

Cathay Life, Taiwan's biggest life insurer, is seeking fund houses for absolute-return mandates investing in developed-market government bonds, as it looks to cut back on benchmark-driven strategies. This is be the $156 billion asset owner’s primary goal in awarding bond portfolios, chief investment officer Joseph Wang told AsianInvestor. Cathay Life’s liability cost – the rate at which it has guaranteed the insurance policies it has sold – is about 4.2%, and that’s the target f…