Taiwan pension funds award $1.5 bln foreign mandates

TAIPEI, May 7 (Reuters) - Taiwan's government pension funds have awarded six foreign fund institutions mandates worth $1.5 billion to invest in stocks and bonds outside Taiwan, the island's Labor Pension Fund Supervisory Committee said on Wednesday. The committee said in a statement that it would allocate $250 million within one month to each of the six fund management institutions, including AllianceBernstein, Templeton and Newton, in the first mandate for foreign funds.

The committee will award another mandate to foreign fund managers to invest in overseas stocks and bonds later this year.

Taiwan's Council of Labor Affairs oversees the committee.

One of the funds was kicked off in 2005 under a labour law and required employers to contribute 6 percent of an employee's salary. (Reporting by Jeanny Kao; Writing by Baker Li; Editing by Edmund Klamann)

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