Mirae Asset Global Management Co. will become a new operator of a 21.5 trillion won ($19.5 billion) worth pool of pension funds in South Korea.

According to Public Procurement Service on Wednesday, Mirae Asset Global Management was named the preferred bidder to manage the pension fund investment pool.

Mirae Asset received the highest score in the bid conducted by the Ministry of Economy and Finance Tuesday, beating Hanwha Asset Management and former operator Korea Investment Management.

The operator of the pension fund pool has changed for the first time in eight years since the government adopted multiple competition system for the management in 2013.

Samsung Asset Management will remain as a co-operator until August when its contract expires.

The pension fund pool included 61 government funds and funds from eight public institutions as of late 2019. The total value was estimated at 21.5 trillion won.

By Pulse

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