Taiwan’s NPIF seeks new custodian for foreign assets

Taiwan's National Pension Insurance Fund (NPIF) is seeking a new custodian for its overseas assets, with incumbent BNY Mellon's contract due to end next month. The Bureau of Labor Funds (BLF), the umbrella organisation for NPIF and other state retirement schemes in Taiwan, invited bids this week for the five-year custody mandate.  BNY Mellon was chosen as the first foreign custodian in 2012 for NPIF, one of the four sub-funds under BLF with an offshore portfolio. But BLF is not …