Each of the firms will manage NT$3 billion, with The Bank of Taiwan selected to serve as the custodian bank, said the Council for Labor Affairs in a statement Saturday on its Web site (www.cla.gov.tw).

The fund, which now has NT$180 billion under management, aims to invest up to 20 percent in local stocks next year, up from 15 percent at the end of 2007, to help boost returns in the retirement funds of the island’s aging population.

The selected trusts include Grand Cathay Securities Investment Trust, First Global Investment Trust, Jih Sun Securities Investment Trust Co. Ltd., ING CHB Fund, Prudential Financial, Fubon Securities Investment Trust, Cathay Securities Investment Trust Co., Fuh-Hwa Investment Trust Co., Ltd.

Also tapped were PCA Securities Investment Trust Co. Ltd. and Capital Securities Investment Trust.

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